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Sci-tech insurance and corporate innovation: Evidence from China’s pilot program

Author

Listed:
  • Wu, Wenzhi
  • Wu, Di
  • Yang, Xujin

Abstract

This study examines the impact of sci-tech insurance on corporate innovation. Leveraging China’s 2007–2008 pilot program for sci-tech insurance as a quasi-natural experiment, our empirical analysis reveals that sci-tech insurance significantly boosts corporate innovation outputs, primarily by enhancing firms' risk-bearing capacity. Further heterogeneity tests show that the innovation-enhancing effects are more pronounced in high-tech industries and regions with stronger institutional environments. These findings establish sci-tech insurance as a pivotal enabler of corporate innovation by structurally enhancing firms' risk-taking capabilities.

Suggested Citation

  • Wu, Wenzhi & Wu, Di & Yang, Xujin, 2026. "Sci-tech insurance and corporate innovation: Evidence from China’s pilot program," Finance Research Letters, Elsevier, vol. 104(C).
    • Handle: RePEc:eee:finlet:v:104:y:2026:i:c:s1544612326007129
    DOI: 10.1016/j.frl.2026.110184
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    JEL classification:

    • G22 - Financial Economics - - Financial Institutions and Services - - - Insurance; Insurance Companies; Actuarial Studies
    • G28 - Financial Economics - - Financial Institutions and Services - - - Government Policy and Regulation
    • G32 - Financial Economics - - Corporate Finance and Governance - - - Financing Policy; Financial Risk and Risk Management; Capital and Ownership Structure; Value of Firms; Goodwill
    • O32 - Economic Development, Innovation, Technological Change, and Growth - - Innovation; Research and Development; Technological Change; Intellectual Property Rights - - - Management of Technological Innovation and R&D

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