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Financing Ecological Environment, Financing Capacity and R&D Investment: An Empirical Study on Listed Companies of New Material Industry in China

Author

Listed:
  • Wen Xiong
  • Chengxuan Geng

Abstract

Introducing the concept of financing ecology into the research of new material enterprises¡¯ R&D investment, and taking 203 Chinese listed companies of new material industry from 2010 to 2015 as the research objects, this paper explores the relationship between financing ecological environment, new material enterprises¡¯ financing ability and R&D investment. The study shows that: Financing ecological environment has significant influence on new material enterprises¡¯ R&D investment; Specifically, two sub dimensions of economics and finance have positive effects, while the sub dimension of system and honesty has negative effects; The promotion of financing capacity helps new material enterprises to increase R&D investment; Financing capability plays a positive intermediary role between financing ecological environment and R&D investment. Accordingly, new material enterprises should promote adaptive coevolution between financing ability, R&D funds allocation and financing ecology, and fully use the support of policy system.

Suggested Citation

  • Wen Xiong & Chengxuan Geng, 2017. "Financing Ecological Environment, Financing Capacity and R&D Investment: An Empirical Study on Listed Companies of New Material Industry in China," International Journal of Economics and Finance, Canadian Center of Science and Education, vol. 9(11), pages 10-21, November.
    • Handle: RePEc:ibn:ijefaa:v:9:y:2017:i:11:p:10-21
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    References listed on IDEAS

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    1. Jun Qian & Philip E. Strahan, 2007. "How Laws and Institutions Shape Financial Contracts: The Case of Bank Loans," Journal of Finance, American Finance Association, vol. 62(6), pages 2803-2834, December.
    2. Furukawa, Yuichi, 2010. "Intellectual property protection and innovation: an inverted-U relationship," Economics Letters, Elsevier, vol. 109(2), pages 99-101, November.
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    Cited by:

    1. Hanbo Zhang & Guiyang Zhang & Yong Qi & Yuchen Gao & Dong Wang & Xing Li, 2023. "The impact of city financial ecology on firm financing efficiency: Evidence from China’s strategic emerging industries," PLOS ONE, Public Library of Science, vol. 18(8), pages 1-16, August.

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    JEL classification:

    • R00 - Urban, Rural, Regional, Real Estate, and Transportation Economics - - General - - - General
    • Z0 - Other Special Topics - - General

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