Examining the Impact of Financial Pressure on Innovation in Manufacturing Firms——An Empirical Analysis Considering Innovation Quantity and Quality
This paper examines the impact of fiscal pressure on innovation within manufacturing enterprises.The findings indicate that fiscal pressure significantly inhibits innovation in manufacturing enterprises,a conclusion supported by a series of robustness tests.Heterogeneity analysis reveals that fiscal pressure primarily inhibits innovation in state-owned enterprises,those in their growth and maturity stages,and those with strong financing constraints.Industry-specific analysis shows a more pronounced inhibitory effect on technology-intensive and capital-intensive industries.Regionally,fiscal pressure has a stronger inhibitory effect on enterprises in the central and western regions.Mechanism analyses suggest that fiscal pressure affects innovation by intensifying political promotion incentives,reducing innovation subsidies,and increasing the corporate tax burden.To mitigate the negative impact of fiscal pressure on enterprise innovation and promote innovation in manufacturing enterprises,institutional reforms to alleviate fiscal pressure should be promoted.Additionally,improving government performance evaluation systems,enhancing incentive mechanisms for local government officials,granting more decision-making power to local governments,and guiding them to adopt appropriate policies to foster enterprise innovation are recommended.Furthermore,supporting reforms in fiscal promotion of enterprise innovation should be deepened.
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