Research on the Impact of Corporate Leverage on Urban Innovation Development in the Context of Digital Economy——Empirical Evidence From 277 Cities in China
With the development of the digital economy,building innovative cities has become an important driving force for achieving high-quality economic development in China.However,the impact of high corporate leverage on urban innovation and development can not be ignored.Based on this,this research uses panel data from 277 prefecture-level cities from 2011 to 2020 to explore the impact of corpo-rate leverage on urban innovation and development in the context of the digital economy.Research has found that corporate leverage will have an inverted U-shaped impact on urban innovation and development through two channels:alleviating financing constraints and affecting economic stability,and this conclu-sion remains valid after replacing explanatory variables and other robustness tests.In the meanwhile,the digital economy will play a catalytic role,exacerbating the impact of corporate leverage on urban innovation and development.Further analysis reveals that compared to economically underdeveloped regions,corpo-rate leverage has a more significant impact on urban innovation and development in economically developed regions,and the balance point of corporate leverage is relatively high.The research results indicate that while actively promoting reasonable mergers and acquisitions of enterprises and improving regulatory mecha-nisms,the government should classify and orderly promote the"deleveraging"policy for enterprises based on various factors such as the nature,development situation,and development level of the region they be-long to,in order to achieve high-quality development of the city.
Digital economyCorporate leverageInverted U-shapedUrban innovation and devel-opment
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