The impact of financing methods on the technological innovation performance of agricultural enterprises-based on fixed effect model

This study explores the effect of different financing methods on the technological innovation performance of agricultural enterprises. Based on the data of listed companies from 2013 to 2020 from the CSMAR database, an empirical study using a fixed-effects model reveals the following findings: First, different financing methods have varying impacts on the technological innovation performance of agricultural enterprises. Bond financing has the greatest impact, followed by bank credit and equity financing, while internal financing and government subsidies have no significant effect. Second, from the perspective of enterprise nature, bank credit rates significantly promote technological innovation in private enterprises but have no significant impact on other types of enterprises; bond financing rates significantly promote technological innovation in private enterprises but significantly inhibit technological innovation in state-owned enterprises; government subsidy intensity significantly inhibits technological innovation in private enterprises but has no significant impact on other types of enterprises. Third, from a regional perspective, bank credit rates significantly promote technological innovation performance in agricultural enterprises in the east area but remarkably inhibit it in the central region; equity financing rates significantly promote technological innovation performance in agricultural companies in the eastern as well as western regions, but have no significant effect on those in the central region. Government subsidy intensity significantly inhibits technological innovation performance in agricultural enterprises in the east area but has no significant impact on those in the central and western regions.