Digital finance, absorptive capacity and enterprise dual innovation: an empirical analysis on mediation and threshold effects

IF 16.4 1区化学 Q1 CHEMISTRY, MULTIDISCIPLINARY

Accounts of Chemical Research Pub Date : 2022-07-01 DOI:10.1080/19761597.2022.2095518

Yongkui Li, Xiaokang Liu, Qingbin Zhao

{"title":"Digital finance, absorptive capacity and enterprise dual innovation: an empirical analysis on mediation and threshold effects","authors":"Yongkui Li, Xiaokang Liu, Qingbin Zhao","doi":"10.1080/19761597.2022.2095518","DOIUrl":null,"url":null,"abstract":"ABSTRACT Based on the data of listed companies in Chinese A stock market between 2011 and 2020, This paper discusses the empirical analysis of digital finance on enterprise dual innovation by adopting the mediating effect model and threshold regression model, and estimates the mediation and threshold effects of absorptive capacity among them. Our study find that the development of digital finance exerts a significant positive effect on enterprise dual innovation. Compared with exploitative innovation, digital finance exhibits a greater promoting effect on exploratory innovation. Absorptive capacity displays a greater mediating effect between digital finance and exploratory innovation, and exploitative innovation reveals a significant positive effect on exploratory innovation. There is non-linear relationship between digital finance and corporate dual innovation, and the promotion effect shows a leaping growth pattern and significant threshold effect. The heterogeneity analysis from the perspective of property rights and enterprise size shows that the incentive effect of digital finance development on enterprises dual innovation is mainly reflected in non-state-owned enterprises and small and medium-sized enterprises. This research expands the relevant theories of corporate innovation and digital finance, to provides empirical evidence for corporate decision-making.","PeriodicalId":1,"journal":{"name":"Accounts of Chemical Research","volume":null,"pages":null},"PeriodicalIF":16.4000,"publicationDate":"2022-07-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":"3","resultStr":null,"platform":"Semanticscholar","paperid":null,"PeriodicalName":"Accounts of Chemical Research","FirstCategoryId":"91","ListUrlMain":"https://doi.org/10.1080/19761597.2022.2095518","RegionNum":1,"RegionCategory":"化学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":null,"EPubDate":"","PubModel":"","JCR":"Q1","JCRName":"CHEMISTRY, MULTIDISCIPLINARY","Score":null,"Total":0}

引用次数: 3

Abstract

ABSTRACT Based on the data of listed companies in Chinese A stock market between 2011 and 2020, This paper discusses the empirical analysis of digital finance on enterprise dual innovation by adopting the mediating effect model and threshold regression model, and estimates the mediation and threshold effects of absorptive capacity among them. Our study find that the development of digital finance exerts a significant positive effect on enterprise dual innovation. Compared with exploitative innovation, digital finance exhibits a greater promoting effect on exploratory innovation. Absorptive capacity displays a greater mediating effect between digital finance and exploratory innovation, and exploitative innovation reveals a significant positive effect on exploratory innovation. There is non-linear relationship between digital finance and corporate dual innovation, and the promotion effect shows a leaping growth pattern and significant threshold effect. The heterogeneity analysis from the perspective of property rights and enterprise size shows that the incentive effect of digital finance development on enterprises dual innovation is mainly reflected in non-state-owned enterprises and small and medium-sized enterprises. This research expands the relevant theories of corporate innovation and digital finance, to provides empirical evidence for corporate decision-making.

查看原文本刊更多论文

数字金融、吸收能力与企业双重创新——中介和门槛效应的实证分析

基于2011 - 2020年中国A股市场上市公司数据，采用中介效应模型和门槛回归模型对数字金融对企业双重创新的影响进行实证分析，并估算其中吸收能力的中介效应和门槛效应。研究发现，数字金融的发展对企业双重创新具有显著的正向影响。与开发性创新相比，数字金融对探索性创新的促进作用更大。吸收能力在数字金融与探索性创新之间具有较大的中介作用，而剥削性创新对探索性创新具有显著的正向作用。数字金融与企业双重创新之间存在非线性关系，促进效应呈现跳跃式增长模式和显著的门槛效应。产权和企业规模的异质性分析表明，数字金融发展对企业双重创新的激励作用主要体现在非国有企业和中小企业。本研究拓展了企业创新和数字金融的相关理论，为企业决策提供实证依据。

本文章由计算机程序翻译，如有差异，请以英文原文为准。

求助全文

约1分钟内获得全文求助全文

来源期刊

Accounts of Chemical Research 化学-化学综合

CiteScore

31.40

自引率

1.10%

发文量

312

审稿时长

2 months

期刊介绍： Accounts of Chemical Research presents short, concise and critical articles offering easy-to-read overviews of basic research and applications in all areas of chemistry and biochemistry. These short reviews focus on research from the author’s own laboratory and are designed to teach the reader about a research project. In addition, Accounts of Chemical Research publishes commentaries that give an informed opinion on a current research problem. Special Issues online are devoted to a single topic of unusual activity and significance. Accounts of Chemical Research replaces the traditional article abstract with an article "Conspectus." These entries synopsize the research affording the reader a closer look at the content and significance of an article. Through this provision of a more detailed description of the article contents, the Conspectus enhances the article's discoverability by search engines and the exposure for the research.