Financing innovation and enterprises’ efficiency of technological innovation in the internet industry: Evidence from China

Abstract

This study empirically examined the impact of financing innovation on technological innovation efficiency of select internet companies, that were affiliated with China between 2008 and 2017. Analysis was based on their patent and annual report data and used multiple input-output SFA model, system GMM, and panel fixed-effect model. The results are as follows. (1) There is significant variation in overall technological innovation efficiency of listed companies in the internet industry, and there is a downward trend. The technological innovation efficiency of business that use financing innovation methods is higher than those that do not. (2) The number of patents and intangible capital investment of internet businesses increase obviously every year, but there is no corresponding increase in the efficiency of technological innovation, and little intangible capital investment of non-financing innovation businesses. Thus, determining how to effectively improve the overall quality of patents and the efficiency of intangible capital investment is essential to improve the efficiency of technological innovation for Chinese internet businesses. (3) There is a term mismatch in the investment and financing of internet businesses in China. The financing structure between the financing innovation and non-financing innovation businesses has different impacts on the efficiency of technological innovation. And nowadays, more financing channels are short-term debt financing channels which invest in projects to improve the efficiency of technological innovation due to the pressure of debt repayment and the need to protect shareholders' interests. (4) In the panel regression, the coefficients of Icd and Roa are significantly negative, suggesting that the investment efficiency of internet businesses needs to be improved.

Clean technology and the environment: Key issues and implications in belt and road initiative economies

“…While the coefficients of BRI, MENA, Europe, and Central Asia are negative, this finding implies that firm trademarks are correcting the environment. These outcomes are consistent with those reported by Piao and ID (2020) and suggest that innovation as trademarks continues to change energy, travel, tourism, and logistics to promote the environment. Another method through which technology innovation is changing existing less-efficient energy consumption is increased efficiency and environmental friendliness.…”

Impact of environmental regulation on government subsides of public-private partnership waste-to-energy incineration projects: evidence from 66 cities in China

“…These include the urbanization rate (UR) and average urban GDP (AGDP), which reflect the level of social/economic development, respectively; and regional technological R&D (RD), representing regional innovation ability. Those three key factors are selected based on Stavropoulos et al (2018), Zhang et al (2017), and Piao and Lin. (2020).…”

Spatial–Temporal Evolution and Sustainable Type Division of Fishery Science and Technology Innovation Efficiency in China

“…Non-parametric method (DEA) has prominent advantages in efficiency measurement and has been used more and more widely in empirical studies [23][24][25][26][27]. For example, Su and Zhang [28] used the super-efficiency DEA model to measure the efficiency of China's green economy; Zhu et al [29] applied DEA model to measure the scientific and technological innovation efficiency of Chinese industrial enterprises, and combined with spatial analysis method to investigate its spatial differentiation characteristics and change law; Kalapouti et al [30] utilized the combination of DEA and structural equation modeling to estimate the efficiency of technological innovation in the EU; based on the data of patents and annual reports, Piao and Lin [31] used the DEA model and System GMM model to explore the efficiency and influencing factors of enterprise technological innovation.…”