“…Enterprises are able to obtain more policy support in terms of talent introduction, tax preferences, and financial subsidies, thus reducing the cost and risk of innovation [59], increasing the motivation and confidence of enterprises to invest in R&D, and promoting the high quality of enterprise innovation and enterprise development. Third, the optimization of a business environment is conducive to reducing relationship-based financing between local governments, listed companies, and the banking sector, thus guiding governments and financial institutions to invest more capital and resources in listed companies, reducing the financing constraints of listed companies [60,61], injecting more capital support into R&D and the innovation of enterprises, and, ultimately, achieving the sustainable development of enterprises. Based on this, the following hypothesis is proposed: Hypothesis 2.…”