For this research,we examined the influence of access to domestic and international financing on sustainability performance with a mediating role of innovative performance and a moderating role of access to government...For this research,we examined the influence of access to domestic and international financing on sustainability performance with a mediating role of innovative performance and a moderating role of access to government support.Data were collected from 317 small and medium-sized enterprises(SMEs)through structured questionnaires.The results indicated that access to domestic and international financing significantly contributes to sustainability and innovative performances.Accordingly,we found a partial mediating role of innovative performance between access to domestic financing and sustainability performance as well as between access to international financing and sustainability performance.Access to government support significantly moderates the relationship between access to domestic finances and innovative performance as well as between access to international finances and innovative performance.Practitioners and policymakers should encourage national and international financial institutions and banks to facilitate SMEs by lending them funds for innovative activities and sustainability performance.Moreover,the government should support SMEs,so that they can contribute to economic growth and the gross domestic product.The implications from these matters will be further discussed in this paper.展开更多
Zombie companies have serious adverse effects on economic development.The relationship between government subsidies and zombie companies is a focus in China’s supply-side structural reform.In this paper,we classify c...Zombie companies have serious adverse effects on economic development.The relationship between government subsidies and zombie companies is a focus in China’s supply-side structural reform.In this paper,we classify companies into two categories:investment-constrained companies lacking investment opportunities,and fi nancing-constrained companies with limited sources of capital.Based on data of A-share listed companies from 2007 to 2016,this paper examines the relationship between government subsidies and the zombification of companies subject to different types of constraints.We find that more government subsidies have been allotted to investment-constrained companies than financing-constrained ones;government subsidy is one of the various factors that have contributed to company zombification,but the correlation is only significant for investment-constrained companies;financing subsidy dedicated to expanding corporate financing is more effective in helping investment-constrained companies than government subsidies in general,but neither government subsidies nor financing subsidies are effective in preventing investment-constrained companies from turning into zombies.In the robustness test that controls the endogeneity problem of reverse causality,replaces proxy variables,lags subsidy variables and discusses the zombification of loss-making enterprises,the results are still valid.This paper provides a heterogeneous perspective to study the connection between government subsidies and the formation of zombie companies,and in view of subsidy mismatch,puts forward recommendations regarding the use of government subsidies.展开更多
文摘For this research,we examined the influence of access to domestic and international financing on sustainability performance with a mediating role of innovative performance and a moderating role of access to government support.Data were collected from 317 small and medium-sized enterprises(SMEs)through structured questionnaires.The results indicated that access to domestic and international financing significantly contributes to sustainability and innovative performances.Accordingly,we found a partial mediating role of innovative performance between access to domestic financing and sustainability performance as well as between access to international financing and sustainability performance.Access to government support significantly moderates the relationship between access to domestic finances and innovative performance as well as between access to international finances and innovative performance.Practitioners and policymakers should encourage national and international financial institutions and banks to facilitate SMEs by lending them funds for innovative activities and sustainability performance.Moreover,the government should support SMEs,so that they can contribute to economic growth and the gross domestic product.The implications from these matters will be further discussed in this paper.
基金This paper is part of the“Research on Information Asymmetry and Government Subsidy Effi ciency Based on Agency Theory”(No.18BJY017)funded by the National Social Science Fund of China.
文摘Zombie companies have serious adverse effects on economic development.The relationship between government subsidies and zombie companies is a focus in China’s supply-side structural reform.In this paper,we classify companies into two categories:investment-constrained companies lacking investment opportunities,and fi nancing-constrained companies with limited sources of capital.Based on data of A-share listed companies from 2007 to 2016,this paper examines the relationship between government subsidies and the zombification of companies subject to different types of constraints.We find that more government subsidies have been allotted to investment-constrained companies than financing-constrained ones;government subsidy is one of the various factors that have contributed to company zombification,but the correlation is only significant for investment-constrained companies;financing subsidy dedicated to expanding corporate financing is more effective in helping investment-constrained companies than government subsidies in general,but neither government subsidies nor financing subsidies are effective in preventing investment-constrained companies from turning into zombies.In the robustness test that controls the endogeneity problem of reverse causality,replaces proxy variables,lags subsidy variables and discusses the zombification of loss-making enterprises,the results are still valid.This paper provides a heterogeneous perspective to study the connection between government subsidies and the formation of zombie companies,and in view of subsidy mismatch,puts forward recommendations regarding the use of government subsidies.
