期刊论文

Cao, YY

英文

Finance Research Letters

1544-6123

2023

55

103933

10.1016/j.frl.2023.103933

Background Firms need financial support in their development process. External financing is one of the main ways in which firms can obtain funding (Guariglia, 2008). However, most firms find it difficult to meet financing needs through formal credit channels due to problems such as high project risks and insufficient collateral (Hutchinson and Gul, 2004; Koellinger, 2008). Therefore, firms tend to engage in informal financial activities to obtain finance, such as shadow banking activities, which

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Using the first unified and stringent financial regulatory policy for the asset management industry as a quasi-natural experiment, this study identifies the causal effect of New Asset Management Regulation on corporate R & D investment by using the difference-in-differences method. We find that the implementation of NAMR can promote corporate R & D investment, which supports regulatory effectiveness. The mechanism tests show that the implementation of NAMR reduces firm financialization and alleviates financing constraints, thereby increasing corporate R & D investment. The heterogeneity tests ...