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Research on the influence of tax incentives and financing constraints on NEEQ Enterprises' innovation

This paper adopts the two-way fixed effect model to analyze the listed enterprises on the New Third Board (NEEQ) from 2014 to 2021. In the process of analysis, to ensure the rationality of the regression results, the missing core data and related data of financial enterprises are excluded. Through e...

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Main Authors: Li, Yang, Wang, Yuanzhu, Rasiah, Rajah
Format: Article
Published: MDPI 2023
Subjects:
GE Environmental Sciences
HG Finance
Online Access:http://eprints.um.edu.my/38711/
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spelling my.um.eprints.387112023-12-01T03:29:26Z http://eprints.um.edu.my/38711/ Research on the influence of tax incentives and financing constraints on NEEQ Enterprises' innovation Li, Yang Wang, Yuanzhu Rasiah, Rajah GE Environmental Sciences HG Finance This paper adopts the two-way fixed effect model to analyze the listed enterprises on the New Third Board (NEEQ) from 2014 to 2021. In the process of analysis, to ensure the rationality of the regression results, the missing core data and related data of financial enterprises are excluded. Through empirical analysis, this paper draws the following conclusions: (1) Tax incentives can promote enterprise innovation. (2) Internal and external financing constraints inhibit enterprise innovation. (3) Internal and external financing constraints play an intermediary role in tax incentives and enterprise innovation. (4) The intermediary effect of internal financing constraints is significant in both the fundamental layer and the innovation layer, while the external financing constraints are only significant in the fundamental layer. (5) Compared with state-owned enterprises, the intermediary effect of internal and external financing constraints is more significant in non-state-owned enterprises. MDPI 2023-02 Article PeerReviewed Li, Yang and Wang, Yuanzhu and Rasiah, Rajah (2023) Research on the influence of tax incentives and financing constraints on NEEQ Enterprises' innovation. Sustainability, 15 (3). ISSN 2071-1050, DOI https://doi.org/10.3390/su15032608 <https://doi.org/10.3390/su15032608>. 10.3390/su15032608
institution Universiti Malaya
building UM Library
collection Institutional Repository
continent Asia
country Malaysia
content_provider Universiti Malaya
content_source UM Research Repository
url_provider http://eprints.um.edu.my/
topic GE Environmental Sciences
HG Finance
spellingShingle GE Environmental Sciences
HG Finance
Li, Yang
Wang, Yuanzhu
Rasiah, Rajah
Research on the influence of tax incentives and financing constraints on NEEQ Enterprises' innovation
description This paper adopts the two-way fixed effect model to analyze the listed enterprises on the New Third Board (NEEQ) from 2014 to 2021. In the process of analysis, to ensure the rationality of the regression results, the missing core data and related data of financial enterprises are excluded. Through empirical analysis, this paper draws the following conclusions: (1) Tax incentives can promote enterprise innovation. (2) Internal and external financing constraints inhibit enterprise innovation. (3) Internal and external financing constraints play an intermediary role in tax incentives and enterprise innovation. (4) The intermediary effect of internal financing constraints is significant in both the fundamental layer and the innovation layer, while the external financing constraints are only significant in the fundamental layer. (5) Compared with state-owned enterprises, the intermediary effect of internal and external financing constraints is more significant in non-state-owned enterprises.
format Article
author Li, Yang
Wang, Yuanzhu
Rasiah, Rajah
author_facet Li, Yang
Wang, Yuanzhu
Rasiah, Rajah
author_sort Li, Yang
title Research on the influence of tax incentives and financing constraints on NEEQ Enterprises' innovation
title_short Research on the influence of tax incentives and financing constraints on NEEQ Enterprises' innovation
title_full Research on the influence of tax incentives and financing constraints on NEEQ Enterprises' innovation
title_fullStr Research on the influence of tax incentives and financing constraints on NEEQ Enterprises' innovation
title_full_unstemmed Research on the influence of tax incentives and financing constraints on NEEQ Enterprises' innovation
title_sort research on the influence of tax incentives and financing constraints on neeq enterprises' innovation
publisher MDPI
publishDate 2023
url http://eprints.um.edu.my/38711/
_version_ 1784511847213301760
score 13.211869

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