Does financing constraints inhibit high-quality development of enterprises? From the perspective of the transmission mechanism of technological progress

The higher the financing constraints (FC), the more unfavourable to the high-quality development of enterprises (HDE). Is this really the case? Through the data of listed companies, this paper finds that: (1) FC do not necessarily inhibit HDE, which is mainly manifested in the asymmetric inverted U-shaped relationship. (2) The initial FC are conducive to HDE by promoting R&D expenditure, and the later FC are unfavourable to HDE by inhibiting R&D expenditure. (3) The R&D expenditure of heterogeneous enterprises has mediating effects in varying degrees, and the role of R&D expenditure in promoting the high-quality development of non-state-owned enterprises (Non-SOE) is higher than that of state-owned enterprises (SOE), the impact on enterprises of different sizes is basically the same, and the role in promoting eastern and central enterprises is slightly higher than that of western enterprises. (4) The phased characteristics of the mediating role of technological progress (TP) under different measurement standards are quite opposite. The initial FC promotes HDE by reducing the R&D intensity, and the later FC are not conducive to HDE by improving the R&D intensity.