Government support and financial development, social capital and the financing efficiency of S&T innovation enterprises

Abstract

Abstract: Using the hierarchical liner model and relevant data of 559 listed companies in innovation, this paper analyses the effects of regional government support, financial development and corporate social capital on the financing efficiency of S&T innovation enterprises. The results show that there is a significant negative correlation between government support and the financing efficiency of S&T innovation enterprises, and a significant positive correlation between financial development and the financing efficiency of S&T innovation enterprises. The corporate social capital positively regulates the relationship between government support and the financing efficiency of S&T innovation enterprises, as well as the relationship between financial development and the financing efficiency of S&T innovation enterprises.

Key words: government support, financial development, corporate social capital, innovation, financing efficiency

CLC Number:

F275.5

Zhang Yuxi, Zhao Lili. Government support and financial development, social capital and the financing efficiency of S&T innovation enterprises[J]. Science Research Management, 2015, 36(11): 55-63.

References

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