المجلة الدولية للاداء الاقتصادي
Volume 8, Numéro 2, Pages 46-66
2025-12-20
Financialization And Innovation Activity Of Chinese Companies: Empirical Research (2000-2023)
Authors : Slimani Salim . Souam Said .
Abstract
The study thoroughly examines the links between financialization and innovation activities of Chinese publicly listed firms from 2000 to 2023 which covers the essential post-pandemic recovery phase. So as to examine the link between finance and corporate innovation, we examine a sample of 312 firms by studying panel data models which include fixed effects, random effects and dynamic estimations over different time periods and financial circumstances. According to our research, financialization has a negative impact on firms’ innovation rates and this impact depends on a company’s financial situation and the timeframe it is measured on. Businesses with more financial debt see their innovation investments affected more by financialization and the effect grows stronger, starting at -0.08 in 2000-2010 and reaching -0.22 in 2016-2023. The findings are key for those guiding government policies, as they develop the economy and the finance sector in China, during a period covered by the 14th Five-Year Plan and “Made in China 2025”.
Keywords
financialization ; innovation ; panel data ; Chinese economy ; intangible assets ; R&D investment ; financial constraints ; corporate governance
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