制度迎合视域下融资约束与企业创新决策

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Abstract The paper analyzes the impacts of financing constraints on innovation decision-making of Chinese manufacturers based on the theoretical framework of financing constraints and innovation decision-making.Industrial enterprise database and listed company database are used with 2008,issuing year of Administrative Measures for Recognition of High-tech Manufacturers as dividing year.Moreover,role of institutional catering behavior are investigated.The Results show that innovation decision-making is significantly inhibited by financing constraints before the measures,while is promoted afterwards.This confirms that some manufacturers manipulate their R&D input to reach the meet the standard of the policy in order to obtain government subsidies.Therefore,institutional accommodation behavior distorts the negative impact of financing constraints and thus leads to a positive incentive effect.The incentive effect is particularly obvious in technology intensive enterprises and inland enterprises.

Key words： Financing constraint Innovation decision Institutional accommodation R&D density

Received: 27 April 2021

PACS:	F27
	F812
	F832

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	Articles by authors
	Ma Jingmei
	Zhao Yuwei
	Xiao Yanhong
	Jia Hongyu

Cite this article:

Ma Jingmei,Zhao Yuwei,Xiao Yanhong, et al. Financing Constraints and Innovation Decision from the Perspective of Institutional Accommodation[J]. , 2022, 3(3): 101-108.

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http://www.zgkjlt.org.cn/EN/ OR http://www.zgkjlt.org.cn/EN/Y2022/V3/I3/101

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