Does strict financial regulation promote Chinese firm innovation: evidence from the New Asset Management regulation

被引：0
|
作者：
Xu, Xiaohui [1 ]
Wu, Hongyu [1 ]
Yang, Jun [1 ]
机构：
[1] Zhejiang Sci Tech Univ, Sch Econ & Management, 928,2 St, Hangzhou 310018, Zhejiang, Peoples R China
来源：
APPLIED ECONOMICS LETTERS | 2024年
关键词：
Innovation; New Asset Management regulation; random forest approach; strict financial regulation;
D O I：
10.1080/13504851.2024.2364003
中图分类号：
F [经济];
学科分类号：
02 ;
摘要：
The impact of strict financial regulations on innovation in Chinese A-share listed companies was investigated using data spanning from 2014-2021. With New Asset Management Regulation (NAMR) as a quasi-natural experiment and random forest approaches, we demonstrate that financial regulation prevents firms' capital from 'real to virtual', thereby promoting innovation. Reducing debt financing costs and financial investments and easing financial constraints are the primary channels. Moreover, this effect is strong in regions with high levels of financial development and low levels of economic uncertainty.
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页数：6
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