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A perspective of government investment and enterprise innovation: Marketization of business environment

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  • Zhang, Jiaqing
  • Chen, Xiaohui
  • Zhao, Xindong

Abstract

Entrepreneurship has become an essential for countries to promote the marketization of the business environment and accelerate economic growth in the post-epidemic era. Based on the investigation of 31 provincial-level panel data in China, this paper concludes that entrepreneurship plays a significant role in promoting the marketization of the business environment. Further research found that the level of government research and development (R&D) funding and regional innovation capabilities are intermediary variables that affect the marketization of the business environment and have a threshold effect. When the government R&D funding crosses the second threshold, every 1% increase in regional innovation capabilities decreases the degree of marketization by 0.197%. Therefore, it is crucial to rapidly streamline the administration process and delegation of power, optimize the government’s administrative efficiency, and give full play to the entrepreneurial spirit to promote the economy’s sustainable development.

Suggested Citation

  • Zhang, Jiaqing & Chen, Xiaohui & Zhao, Xindong, 2023. "A perspective of government investment and enterprise innovation: Marketization of business environment," Journal of Business Research, Elsevier, vol. 164(C).
    • Handle: RePEc:eee:jbrese:v:164:y:2023:i:c:s0148296323002837
    DOI: 10.1016/j.jbusres.2023.113925
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    Cited by:

    1. Deheng Xiao & Shi Chen, 2025. "Does Executive Environmental Cognition Promote Corporate ESG Performance? Evidence from China," Journal of the Knowledge Economy, Springer;Portland International Center for Management of Engineering and Technology (PICMET), vol. 16(6), pages 17699-17727, December.
    2. Zhou, Xiaoxiao & Zhao, Yongan & Chen, Dengsheng, 2025. "Emissions trading scheme's effect on enterprises' sustainable development in China: A differential game and a quasi-natural experiment," Energy Economics, Elsevier, vol. 147(C).
    3. Jin, Pengwei & Wang, Ziyue, 2025. "Digital budget supervision governance and local government fiscal transparency," International Review of Economics & Finance, Elsevier, vol. 102(C).
    4. Si, Haiping & Li, Chengyu & Miao, Miao & Li, Xueyao & Wang, Chao, 2025. "Every coin has two sides: Does bankruptcy judicial reform promote corporate innovation༟," Economic Analysis and Policy, Elsevier, vol. 85(C), pages 1699-1720.
    5. Xionghe Qin & Shiping Qin & Yi She, 2025. "High-tech entrepreneurship in regional innovativeness: the role of government innovation intervention," Small Business Economics, Springer, vol. 65(4), pages 2493-2515, December.
    6. Liangru Yu & Bo Yu, 2024. "Uncovering the impact of technology convergence on innovation quality: From the perspective of ego‐network dynamics pathway," Managerial and Decision Economics, John Wiley & Sons, Ltd., vol. 45(6), pages 3641-3662, September.
    7. Wu, Weiwei & Zhang, Yifan, 2025. "Artificial intelligence innovation and environmental performance: Unraveling the complex roles of application and method innovation across enterprise sizes," Technological Forecasting and Social Change, Elsevier, vol. 218(C).
    8. Liu, Hongwei & Zhang, Aodi & Wu, Jie & Zhu, Qingyuan, 2024. "Does high-speed rail construction reduce air pollution? Evidence from prefecture-level cities in China," Energy, Elsevier, vol. 310(C).
    9. Wang, Jianbo & Niu, Dayong & Kang, Jing, 2025. "Can national industrial investment funds enhance enterprise resilience?," Finance Research Letters, Elsevier, vol. 85(PC).
    10. Ya-Nan Zhao & Chien-Chiang Lee, 2024. "How does industrial relocation affect carbon emissions? Evidence from Chinese cities," Economic Change and Restructuring, Springer, vol. 57(6), pages 1-33, December.
    11. Yue, Sishi & Yang, Mo & Dong, Dayong, 2024. "Do enterprises adopting digital finance exhibit higher values? Based on textual analysis," The North American Journal of Economics and Finance, Elsevier, vol. 73(C).
    12. Long, Zhineng & Duan, Yulan & Zhan, Heng, 2024. "The impact of organizational-level political connection on environmental strategy in private firms," Economic Modelling, Elsevier, vol. 132(C).
    13. Aiping Zhang & Pei Zhang & Wei Li & Wangli Zhu, 2025. "The Mechanism of Digital Business Environment Affecting the Sustainable Development of Enterprises," Sustainability, MDPI, vol. 17(9), pages 1-15, May.
    14. Nie, Cong & Zhang, Xueren & Yang, Yue, 2024. "Anti-corruption campaign and SOEs innovation: The role of the central inspection group in China," International Review of Economics & Finance, Elsevier, vol. 96(PA).
    15. Zhou, Huan & Guo, Yilin & Li, Yu, 2025. "Cross-border e-commerce business environment evaluation for Chinese provinces using a combined Entropy-TOPSIS approach," Evaluation and Program Planning, Elsevier, vol. 112(C).
    16. Li, Na & Zhang, Xianhua, 2025. "Digital empowered business environment and enterprise innovation: Evidence from China," Pacific-Basin Finance Journal, Elsevier, vol. 91(C).
    17. Huang, Meiying & Cheng, Pengfei & Yuan, Yimeng, 2025. "Empowering corporate growth: How digital government enhances investment stability," Economic Analysis and Policy, Elsevier, vol. 87(C), pages 146-161.
    18. Shengrui Li & Leyi Chen & Yushuang Li & Ling Liu, 2024. "Financial Density and Innovation Quality: Evidence from the Geographic Distribution of Financial Institutions in China," Journal of the Knowledge Economy, Springer;Portland International Center for Management of Engineering and Technology (PICMET), vol. 15(4), pages 16868-16912, December.
    19. Li, Chuntao & Xie, Yige, 2025. "Business Environment and Bond Credit Ratings: Evidence from China’s Bond Market," Economic Analysis and Policy, Elsevier, vol. 87(C), pages 764-789.
    20. Liu, Rong & Luo, Wenying & Su, Ruiqian, 2025. "How does cultural diversity influence corporate AI development?," Finance Research Letters, Elsevier, vol. 81(C).

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