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Innovative policies, financial mismatch, and corporate innovation performance: A Quasi-natural experiment based on the national innovative city pilot policy

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  • Ji, Xinxia
  • Zhang, Liyan
  • Cao, Wei

Abstract

This study selects Chinese listed companies from 2008 to 2023 as the research sample to deeply explore the relationship among innovation policies, financial misallocation, and corporate innovation performance. The findings indicate that innovation policies effectively enhance corporate innovation performance, and this enhancement demonstrates heterogeneity across firms with different levels of pollution. Meanwhile, financial misallocation suppresses corporate innovation performance. Furthermore, financial misallocation plays a significant moderating role in the relationship between innovation policies and corporate innovation performance, with this moderating effect showing heterogeneity between firms that receive standard audit opinions and those that do not.

Suggested Citation

  • Ji, Xinxia & Zhang, Liyan & Cao, Wei, 2025. "Innovative policies, financial mismatch, and corporate innovation performance: A Quasi-natural experiment based on the national innovative city pilot policy," Finance Research Letters, Elsevier, vol. 82(C).
    • Handle: RePEc:eee:finlet:v:82:y:2025:i:c:s1544612325007846
    DOI: 10.1016/j.frl.2025.107525
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