The Impact of Debt Financing Costs on Innovation Performance of Manufacturing Enterprises from a Lifecycle Perspective
Manufacturing enterprises often face the problem of"difficult and expensive financing",which undoubtedly affects their in-novation performance.Therefore,this paper uses relevant data from 2011 to 2021 to study the relationship between debt financing costs and innovation performance of manufacturing enterprises.At the same time,this article focuses on manufacturing enterprises at different stages,and the innovative behaviors implemented may vary.The effect of debt financing costs on the innovation performance of enterprises will also differ.The results indicate that the cost of debt financing has a significant negative impact on the innovation performance of manufacturing enterprises,and this impact varies among manufacturing enterprises at different stages of their lifecycle.The impact is more significant in manufacturing enterprises in the growth and maturity stages,and weaker in manufacturing enterpris-es in the decline stage.
万方数据
维普
