R&D disclosure and corporate innovation: Mediating role of financing structure

Using data from 854 listed companies on the GEM between 2009 and 2020, we revealf that R&D disclosure has a positive impact on corporate innovation. Mechanism analysis indicates that R&D disclosure attracts internal and equity financings to facilitate corporate innovation, while debt financing doesn't play an intermediary role. Additionally, the transmission effects of equity financing and debt financing are more significant in companies with lower financing constraints. These conclusions are supported by robustness tests and provide recommendations for improving the efficiency of financing and promoting high-quality corporate development.