Financing Costs, Corporate Innovation, and Total Factor Productivity——Based on data from listed manufacturing companies in China

DOI

10.2991/978-94-6239-604-3_18How to use a DOI?

Keywords

financing costs; total factor productivity; enterprise innovation; finacial development

Abstract

Using data of A-share manufacturing listed companies from 2006 to 2021, this study empirically analyzes the relationship among financing costs, innovation, and TFP. Results show reducing financing costs drives innovation and enhances TFP. Heterogeneity analysis indicates leveraging scale effects, exploiting state-owned enterprises' advantages, and supporting strategic emerging enterprises are crucial for high-quality development. Recommendations include: governments strengthening policy guidance to ease financing difficulties and signal support for innovation; enterprises expanding financing channels, optimizing capital use, stimulating innovation, and improving TFP to fuel high-quality growth.

Copyright

© 2026 The Author(s)

Open Access

Open Access This chapter is licensed under the terms of the Creative Commons Attribution-NonCommercial 4.0 International License (http://creativecommons.org/licenses/by-nc/4.0/), which permits any noncommercial use, sharing, adaptation, distribution and reproduction in any medium or format, as long as you give appropriate credit to the original author(s) and the source, provide a link to the Creative Commons license and indicate if changes were made.

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TY  - CONF
AU  - Jingying Chen
PY  - 2026
DA  - 2026/02/26
TI  - Financing Costs, Corporate Innovation, and Total Factor Productivity——Based on data from listed manufacturing companies in China
BT  - Proceedings of the 5th International Conference on Economic Development and Business Culture (ICEDBC 2025)
PB  - Atlantis Press
SP  - 164
EP  - 172
SN  - 2352-5428
UR  - https://doi.org/10.2991/978-94-6239-604-3_18
DO  - 10.2991/978-94-6239-604-3_18
ID  - Chen2026
ER  -