Implicit Liabilities of Local Governments and Corporate Innovation——A Study Based on Empirical Evidence of Listed Manufacturing Enterprises
Based on the realistic background of the expanding scale of implicit liabilities of local governments,a cross-sample of pro-vincial panel data and listed companies in the manufacturing industry of the prefecture from 2012 to 2022 is used to discuss the relation-ship between the impact of implicit liabilities of local governments on corporate innovation.The study shows that implicit liabilities of local governments have a significant inhibitory effect on corporate innovation;in this case,financial mismatch plays an intermediary effect,i.e.,implicate liabilities of local governments exacerbate enterprises'financial mismatch,which in turn inhibits enterprise inno-vation.The conclusions in this paper not only provides a theoretical basis for the governance of implicate liabilities of local govern-ments,but also provides inspiration for improving the governmental environment for corporate innovation.
implicit liabilities of local governmentscorporate innovationfinancial mismatch
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