Influencing Factors of the Coupling and Coordination Degree of Innovation Chain and Capital Chain in China's Listed Manufacturing Companies and Its Action Mechanism
Deploying a capital chain around the innovation chain is an important support for improving the overall effectiveness of China's innovation system.Nevertheless,innovation system of China still suffers from problems such as low coupling between the innovation chain and the capital chain(hereinafter referred to as"two chains")currently,resulting in untimely injection of funds,capital misallocation and low conversion rate of scientific and technological achievements.However,there is a lack of analysis on the influence of multifactors on the coordination of"two-chain"coupling,especially in the increasingly complex international situation,the influence mechanism of macro factors and enterprise internal governance on the"two chains"and their coupling and coordination degree needs to be deeply analyzed.Based on the data of listed manufacturing companies from 2015 to 2021 of China,including the multiple factors such as internal micro factors and external macro in an unified analysis framework,this paper uses the coupling coordination model and the structural equation model to measure the overall characteristics of the"two chains"coupling coordination,and explores the mechanism and path of the influence of internal and external factors on the"two-chain"coupling coordination degree.The research finds that the coupling and coordination degree of the innovation chain and the capital chain of listed manufacturing companies in China has always been a barely coordinated development type.From a direct effect point of view,the improvement of the development level of the"two chains"will accelerate the improvement of the coupling and coordination of the"two chains",while the optimization of business environment,innovation environment,and corporate governance will directly promote the improvement of the development level of the"two chains".Besides,from the perspective of indirect effects,the business environment has the greatest impact on the coupling of the"two chains"followed by the innovation environment and enterprise governance,among which,the former two mainly through improving the overall efficiency of the innovation chain,while the latter mainly through improving the overall efficiency of the capital chain.Based on this,a path is proposed to promote the deep coupling of the"two chains"of manufacturing industry of China in terms of promoting the coordinated development of the innovation chain and capital chain,and making full use of the advantages of the regional macro-environment.
innovation chaincapital chaininnovation chain and capital chain integrationdegree of coupling coordinationstructural equation modelmanufacturing industryinnovation efficiency
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