The Reform of Investment Approval System And The Quality of Enterprise Innovation
ZHANG Wenke1, WANG Jingyu2
1. School of Accounting, Central University of Finance and Economics, Beijing 100081, China; 2. School of Accounting, Beijing Wuzi University, Beijing 101149, China
Abstract Taking the reform of investment examination and approval system as the quasi-natural experimental platform, this paper makes a research on the relevant data of Chinese A-share listed companies from 2010 to 2019. It is found that the reform of investment examination and approval system is beneficial to improve the quality of enterprise innovation, that is, the policy change has innovation spillover effect. The mechanism test results show that the reform of investment examination and approval system promotes the improvement of enterprise innovation quality by restraining institutional transaction costs and improving managers’ equity incentive intensity. Further study shows that the effect of investment examination and approval system reform on the quality of enterprise innovation is mainly reflected in private enterprises, enterprises with bank-enterprise relationship and enterprises with high total factor productivity. The results not only enrich the literature on the factors affecting the quality of enterprise innovation, but also test the policy effect of the reform of investment examination and approval system, and provide sound empirical evidence for further promoting the reform of investment examination and approval system to release market vitality.
2023, Vol. 40 
