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Under limited technological resources, optimising financing channel to R&D investment has important theoretical and practical implications. This paper analyzed the threshold effects of internal financing channels and external financing channels on the R&D investment using 692 manufacturing listed companies' data from 2008 to 2015. And five threshold factors including the debt level, profit level, operational capacity, company's size, and bank loan ratio were used to estimate the threshold effects of different financing channels. The results show that internal financing has a positive threshold effect on R&D investment when the debt level is lower than the threshold value; equity financing is negatively related to R&D investment; debt financing has a significant negative effect on the R&D investment under certain threshold levels; government subsidies promote the R&D investment extremely for the companies with certain size and scale effect. Besides, this paper proposed corresponding suggestions for different threshold values and financing channels. [ABSTRACT FROM AUTHOR]

This paper uses panel data between 2000 and 2010 to explore how firm ownership and regional industrial structures contribute to regional innovation performance in Chinese provinces. Specifically, we explore how the extent of specialisation and diversification in regional industrial structures at the province level fosters both Marshall–Arrow–Romer and Jacobs spillovers, as well as how foreign and state ownership influence regional innovation. We find: (i) China's regional innovation systems benefit from Jacobs but not MAR externalities, with the former spurring higher quality innovation in the form of increased invention patenting; (ii) state-owned enterprises and foreign-invested enterprises advance local innovation, with the latter again fostering higher quality innovation; and (iii) a convergence towards a combination of low specialisation and high diversity in provincial industrial structure is taking place between China's more developed inland coastal provinces and less developed inland provinces. Implications and suggestions for policy-making and future research are discussed. [ABSTRACT FROM AUTHOR]