Financial cycle is the result of the interaction between the'risk-value preference'of microeconomic individuals and the'financial finan-cing constraints'of the macroeconomic environment,does the financial cycle fluctuation affect enterprise innovation and how?This article utilizes the data of China's A-share listed companies from 1996 to 2022 to empirically examine the impact of financial cycle on enterprise innovation by constructing a financial cycle index.It is found that the upward financial cycle can promote enterprise innovation,and the promotion effect is stronger for non-state-owned enterprises,large-scale enterprises and enterprises in central and western regions;mecha-nism analysis finds that the financial cycle promotes enterprise innovation by lowering the cost of enter-prise equity financing;and expanded analysis finds that the upward financial cycle has a significant positive effect on the innovation of listed enterprises with'specialties,specialties and innovations',and this impact coefficient is significantly larger than the full-sample benchmark regression results,i.e.,the upward financial cycle promotes the inno-vation level of science and technology-based enter prises more significantly.Based on the above research,this article puts forward policy suggestions from three perspectives:first,in the stage of tight macro financial conditions,the state should increase its support for enterprise innovation and maintain the continuity of innovation support policies;second,strengthen innovation support for innovative SMEs,and further expand the sources of direct financing for SMEs;and third,improve the incentives for innovation in a top-down manner,such as increas-ing government subsidies for innovation and strengthe-ning the protection of patents,in order to stimulate companies'incentives to innovate.
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