Wealth management purchases on corporate innovation: Moderating effects of financing constraints

Using data from a sample of Chinese A-share listed companies from 2016 to 2022, this study investigates the influence of listed companies' wealth management product purchases on corporate innovation. Results indicate that an increase in wealth management product purchases decreases corporate innovation input; however, paradoxically, it enhances corporate innovation output. Furthermore, intensifying financing constraints and business environment uncertainty significantly amplify the suppressive effect of wealth management product purchases on innovation input. Business environment uncertainty diminishes the positive impact of wealth management product purchases on the number of innovation outputs.