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| Land Finance, Two-Way Rent-Seeking and Innovation Intention of Manufacturing Enterprise |
| MA Hong，HOU Guisheng |
| Shandong University of Science and Technology， Qingdao， Shandong， China |
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Abstract This paper empirically examines the specific impact of land finance on enterprises’ innovation intention by using the empirical data of 2008~2017 years of industrial listed companies in China. The results show that: firstly, local government’s land financial dependence has a significant negative effect on the innovation intention of enterprises through the deviation of policy implementation and mismatch of resources. Secondly, bidirectional rent-seeking between enterprises and governments has a significant moderating effect on the relationship between local government’s land financial dependence and enterprise innovation intention. Third, the impact of local government’s land financial dependence on enterprises’ innovation intention is obviously different between large-scale and small-scale enterprises, high-tech enterprises and non-high-tech enterprises, and before and after the introduction of the eight rules.
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Received: 21 February 2020
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