Environmental Uncertainty, Financial Investment and Corporate Innovation

DOI

10.2991/978-94-6463-488-4_24How to use a DOI?

Keywords

Environmental uncertainty; financial investment; corporate innovation; de-realization and deflation

Abstract

Innovation is the core driving force for national development. However, with the increasingly prominent issue of corporate financialization in recent years, especially after the US financial crisis, the corporate innovation system is more open than universities and research institutions and more sensitive to environmental uncertainty. Both corporate financial investment and corporate innovation are characterized by high investment and high risk, and the role of environmental uncertainty between them cannot be ignored. This article studies non-financial enterprises listed on China’s A-share market and finds that corporate financial investment has a negative impact on innovation input and output, and environmental uncertainty will exacerbate this impact. The effect of capital reserve and short-term financial gain masks the impact of financial investment on technological innovation input, while the resource competition effect mediates the relationship between financial investment and technological innovation output. This study is of great significance for understanding the impact of financial investment on corporate innovation under environmental uncertainty, and provides a reference for the government and enterprises to address issues of financialization and the economy shifting from the real to the virtual.

Copyright

© 2024 The Author(s)

Open Access

Open Access This chapter is licensed under the terms of the Creative Commons Attribution-NonCommercial 4.0 International License (http://creativecommons.org/licenses/by-nc/4.0/), which permits any noncommercial use, sharing, adaptation, distribution and reproduction in any medium or format, as long as you give appropriate credit to the original author(s) and the source, provide a link to the Creative Commons license and indicate if changes were made.

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TY  - CONF
AU  - Jiamin Lei
AU  - Rong Men
PY  - 2024
DA  - 2024/08/29
TI  - Environmental Uncertainty, Financial Investment and Corporate Innovation
BT  - Proceedings of the 2024 2nd International Conference on Digital Economy and Management Science (CDEMS 2024)
PB  - Atlantis Press
SP  - 222
EP  - 228
SN  - 2352-5428
UR  - https://doi.org/10.2991/978-94-6463-488-4_24
DO  - 10.2991/978-94-6463-488-4_24
ID  - Lei2024
ER  -