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Does the increasing burden of elderly population support inhibit enterprise innovation? The moderating role of financial resource allocation

Author

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  • Zhou, Tianhao
  • Du, Xiaojuan
  • Si, Mingke

Abstract

As the degree of population aging in China continues to deepen, the impact of the burden of supporting the elderly on economic and social development has become increasingly prominent. This paper systematically examines the impact of the burden of supporting the elderly on enterprise innovation based on data from Chinese listed companies from 2007 to 2023, and further analyzes the moderating role of financial resource allocation. The study finds that: first, the increasing burden of supporting the elderly significantly inhibits enterprise innovation; second, financial resource allocation plays an important moderating role in the relationship between the burden of supporting the elderly and enterprise innovation; third, human capital mediates the process in which the burden of supporting the elderly affects enterprise innovation; fourth, heterogeneous analysis indicates that the inhibitory effect of the burden of supporting the elderly on enterprise innovation varies among enterprises of different employee sizes. The research enriches the literature on the relationship between population aging and enterprise innovation, and provides policy implications for mitigating the impact of aging and promoting enterprise innovation development.

Suggested Citation

  • Zhou, Tianhao & Du, Xiaojuan & Si, Mingke, 2026. "Does the increasing burden of elderly population support inhibit enterprise innovation? The moderating role of financial resource allocation," Finance Research Letters, Elsevier, vol. 89(C).
    • Handle: RePEc:eee:finlet:v:89:y:2026:i:c:s1544612325024833
    DOI: 10.1016/j.frl.2025.109234
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