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| Types of Industry and Finance Combination,R&D Investment and Innovation Output |
| Tan Xiaofang,Zhang Lingli |
| (School of Maritime Economics and Management，Dalian Maritime University，Dalian 116026，China) |
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Abstract Based on the perspective of two types of the combination of industry and finance: internal setting type and cooperative type,the paper takes the data of small and medium-sized board and gem listed companies from 2010 to 2017.Using PSM,this paper explores the impact of different types of industry-finance combination on enterprise R&D investment.Using 2SLS,this paper investigates the relationship among R&D investment and innovation output,and studies the moderating effect that two types of the combination of industry and finance on that relationship.This results show that compared with the cooperative industry-finance combination,the internal industry-finance combination can improve the level of enterprise R&D investment,and the diversification of internal production-finance integration significantly strengthens the support of production-finance integration for R&D investment,improving the commercial value of enterprise R&D investment; The combination of internal production and finance can effectively adjust the innovation output of R&D input,paying more attention to guiding enterprises' breakthrough innovation output,and the combination of internal production and finance further strengthens this function.According to the research conclusion,this paper puts forward that enterprises should develop the combination of internal production and finance,pay attention to the diversification of financial subsidiary model,enhance the ability of breakthrough innovation,and promote the commercialization and marketization of R&D innovation.
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Received: 22 June 2019
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