Fiscal Decentralization, Enterprise Digital Transformation and Enterprise Green Innovation—The Case of 11 Years A-Share Listed Companies in China

Wang, Anqi; Zhu, Lianmei; Sun, Huanan; Wang, Shali; Ma, Haijing

doi:10.3390/su15086838

Cited by 3 publications

(2 citation statements)

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“…Therefore, the promotion of the development of digital finance is important for narrowing the regional financial gap and giving Midwest companies more opportunities for achieving sustainable development and industrial transformation. The findings are also consistent with [ 20 , 45 – 49 ].…”

Section: Further Discussionsupporting

confidence: 91%

Digital finance and M&As: An empirical study and mechanism analysis

et al. 2023

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With the rapid growth and wide application of digital technology, enterprises have entered the digital era with both opportunities and challenges existing. Mergers and acquisitions are one of the most efficient ways to integrate resources and achieve profit growth, giving enterprises advantages in competing in the new mode of economic growth. Based on this, this research tries to explore whether the development of digital finance will contribute to the emergence of M&As activities through combining M&As data of the Chinese stock market with the digital finance inclusion index between 2012 and 2020. The results show that the development of digital finance largely influences M&As activities through lower acquirers’ financial constraints. We further replace digital finance with three sub-indexes including coverage breadth, usage depth, and digitalization level to explore the impact of different dimensions of digital finance on M&As. Results show that coverage breadth plays a more important role. In addition, heterogeneity tests reveal that the relationship between the development of digital finance and M&As activities varies significantly. The influences of digital finance on private and western and central enterprises are more significant compared with state-owned and eastern enterprises. According to the study, since the development of digital finance can be an efficient way to ease financial constraints and boost M&As activities, the government should promote the development of digital finance while companies strive to make the most use of it.

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Section: Further Discussionsupporting

confidence: 91%

Digital finance and M&As: An empirical study and mechanism analysis

et al. 2023

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“…Following previous studies [69][70][71][72][73][74][75], we controlled a number of variables to alleviate the problem of bias in the regression results due to omitted variables in the model. Firm size (Size) was equal to the natural logarithm of total assets at year's end.…”

Section: Control Variablesmentioning

confidence: 99%

The Effect of Corporate Resource Abundance on the Transformation and Upgrading of Manufacturing Enterprises from the Perspective of Whole Process Innovation

Tang

et al. 2023

Sustainability

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Exploiting a comparative advantage through resource endowment is a way to promote the transformation and upgrading of enterprises and high-quality economic development. Based on resource-based theory, this paper takes the listed companies of China’s manufacturing industry as a sample and classifies them into leading, potential, catching-up, and exiting enterprises according to the abundance of financial and human resources. In terms of the research perspective, this paper adopts resource abundance as the starting point to explore its impact on enterprise transformation and upgrading and incorporates technological innovation into the framework to investigate its transmission mechanism. The results indicate that the resource abundance of enterprises directly promotes the transformation and upgrading of enterprises. Notably, the mechanism identification test suggests the following. (1) From the perspective of innovation investment, innovation investment intensity is an important channel for manufacturing companies to transform and upgrade. (2) From the perspective of innovation direction, higher levels of resources allow leading enterprises to accelerate transformation and upgrading through product and process innovation. In contrast, catching-up enterprises tend to foster product innovation rather than process innovation to transform and update, while potential enterprises are likely to foster process innovation to transform and update rather than product innovation. On the other hand, the path of transformation and upgrading through product or process innovation is obstructed for the exiting enterprises. (3) From the perspective of innovation output, all but the exiting enterprises can be transformed and upgraded by increasing their innovation output. Overall, considering the impact of corporate innovation behavior, this research offers new insights into the relationship between resource abundance and transformation and upgrading, and it provides inspiration for promoting transformation and upgrading in Chinese manufacturing enterprises.

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