融资约束对涉海企业创新的影响OA

Marine-related enterprises are the core entities in building a strong maritime nation,serving as the primary organizers and participants in marine science and technology innovation activities.Based on the realistic dilemma of"difficult and expensive financing"of ocean-related enterprises,this paper adopts the panel data of China's A-share ocean-related listed companies from 2007 to 2022 to explore the non-linear impact mechanism of financing constraints on the innovation efficiency of ocean-related enterprises,and further analyze the moderating effect of digital transformation.The results of the study show as bellows.(1)There is a significant inverted U-shape relationship between financing constraints and innovation efficiency of sea-related enterprises,and most of the inflection points are located on the right side of the inflection point.(2)Heterogeneity analysis shows that the inverted U-shaped relationship between financing constraints and innovation efficiency of sea-related enterprises is more significant in small enterprises,competitive industries and downstream enterprises of the industrial chain.(3)Digital transformation positively moderates the inverted U-shaped relationship between financing constraints and innovation efficiency of sea-related enterprises,making the inverted U-shaped curve steeper and the inflection point flattening to the right.This study aims to strengthen the main position of science and technology innovation of sea-related enterprises,provide decision-making reference for developing new quality productivity in the marine field and promoting the construction of modernized marine industrial system.