{"status":"ok","message-type":"work","message-version":"1.0.0","message":{"indexed":{"date-parts":[[2026,3,27]],"date-time":"2026-03-27T19:35:14Z","timestamp":1774640114810,"version":"3.50.1"},"reference-count":33,"publisher":"MDPI AG","issue":"5","license":[{"start":{"date-parts":[[2024,4,30]],"date-time":"2024-04-30T00:00:00Z","timestamp":1714435200000},"content-version":"vor","delay-in-days":0,"URL":"https:\/\/creativecommons.org\/licenses\/by\/4.0\/"}],"funder":[{"name":"National Natural Science Foundation projects","award":["72072144"],"award-info":[{"award-number":["72072144"]}]},{"name":"National Natural Science Foundation projects","award":["71672144"],"award-info":[{"award-number":["71672144"]}]},{"name":"National Natural Science Foundation projects","award":["71372173"],"award-info":[{"award-number":["71372173"]}]},{"name":"National Natural Science Foundation projects","award":["70972053"],"award-info":[{"award-number":["70972053"]}]},{"name":"National Natural Science Foundation projects","award":["2019KRZ007"],"award-info":[{"award-number":["2019KRZ007"]}]},{"name":"National Natural Science Foundation projects","award":["2022HZ1824"],"award-info":[{"award-number":["2022HZ1824"]}]},{"name":"National Natural Science Foundation projects","award":["2023HZ1036"],"award-info":[{"award-number":["2023HZ1036"]}]},{"name":"National Natural Science Foundation projects","award":["21RKYJ0009"],"award-info":[{"award-number":["21RKYJ0009"]}]},{"name":"National Natural Science Foundation projects","award":["2021KRM183"],"award-info":[{"award-number":["2021KRM183"]}]},{"name":"National Natural Science Foundation projects","award":["GZF2023XZD05"],"award-info":[{"award-number":["GZF2023XZD05"]}]},{"name":"key project of Shaanxi province innovation capability support program soft science research program","award":["72072144"],"award-info":[{"award-number":["72072144"]}]},{"name":"key project of Shaanxi province innovation capability support program soft science research program","award":["71672144"],"award-info":[{"award-number":["71672144"]}]},{"name":"key project of Shaanxi province innovation capability support program soft science research program","award":["71372173"],"award-info":[{"award-number":["71372173"]}]},{"name":"key project of Shaanxi province innovation capability support program soft science research program","award":["70972053"],"award-info":[{"award-number":["70972053"]}]},{"name":"key project of Shaanxi province innovation capability support program soft science research program","award":["2019KRZ007"],"award-info":[{"award-number":["2019KRZ007"]}]},{"name":"key project of Shaanxi province innovation capability support program soft science research program","award":["2022HZ1824"],"award-info":[{"award-number":["2022HZ1824"]}]},{"name":"key project of Shaanxi province innovation capability support program soft science research program","award":["2023HZ1036"],"award-info":[{"award-number":["2023HZ1036"]}]},{"name":"key project of Shaanxi province innovation capability support program soft science research program","award":["21RKYJ0009"],"award-info":[{"award-number":["21RKYJ0009"]}]},{"name":"key project of Shaanxi province innovation capability support program soft science research program","award":["2021KRM183"],"award-info":[{"award-number":["2021KRM183"]}]},{"name":"key project of Shaanxi province innovation capability support program soft science research program","award":["GZF2023XZD05"],"award-info":[{"award-number":["GZF2023XZD05"]}]},{"name":"Shaanxi provincial philosophy and social science research project","award":["72072144"],"award-info":[{"award-number":["72072144"]}]},{"name":"Shaanxi provincial philosophy and social science research project","award":["71672144"],"award-info":[{"award-number":["71672144"]}]},{"name":"Shaanxi provincial philosophy and social science research project","award":["71372173"],"award-info":[{"award-number":["71372173"]}]},{"name":"Shaanxi provincial philosophy and social science research project","award":["70972053"],"award-info":[{"award-number":["70972053"]}]},{"name":"Shaanxi provincial philosophy and social science research project","award":["2019KRZ007"],"award-info":[{"award-number":["2019KRZ007"]}]},{"name":"Shaanxi provincial philosophy and social science research project","award":["2022HZ1824"],"award-info":[{"award-number":["2022HZ1824"]}]},{"name":"Shaanxi provincial philosophy and social science research project","award":["2023HZ1036"],"award-info":[{"award-number":["2023HZ1036"]}]},{"name":"Shaanxi provincial philosophy and social science research project","award":["21RKYJ0009"],"award-info":[{"award-number":["21RKYJ0009"]}]},{"name":"Shaanxi provincial philosophy and social science research project","award":["2021KRM183"],"award-info":[{"award-number":["2021KRM183"]}]},{"name":"Shaanxi provincial philosophy and social science research project","award":["GZF2023XZD05"],"award-info":[{"award-number":["GZF2023XZD05"]}]},{"name":"key project of soft science research program of Xi\u2019an science and technology bureau","award":["72072144"],"award-info":[{"award-number":["72072144"]}]},{"name":"key project of soft science research program of Xi\u2019an science and technology bureau","award":["71672144"],"award-info":[{"award-number":["71672144"]}]},{"name":"key project of soft science research program of Xi\u2019an science and technology bureau","award":["71372173"],"award-info":[{"award-number":["71372173"]}]},{"name":"key project of soft science research program of Xi\u2019an science and technology bureau","award":["70972053"],"award-info":[{"award-number":["70972053"]}]},{"name":"key project of soft science research program of Xi\u2019an science and technology bureau","award":["2019KRZ007"],"award-info":[{"award-number":["2019KRZ007"]}]},{"name":"key project of soft science research program of Xi\u2019an science and technology bureau","award":["2022HZ1824"],"award-info":[{"award-number":["2022HZ1824"]}]},{"name":"key project of soft science research program of Xi\u2019an science and technology bureau","award":["2023HZ1036"],"award-info":[{"award-number":["2023HZ1036"]}]},{"name":"key project of soft science research program of Xi\u2019an science and technology bureau","award":["21RKYJ0009"],"award-info":[{"award-number":["21RKYJ0009"]}]},{"name":"key project of soft science research program of Xi\u2019an science and technology bureau","award":["2021KRM183"],"award-info":[{"award-number":["2021KRM183"]}]},{"name":"key project of soft science research program of Xi\u2019an science and technology bureau","award":["GZF2023XZD05"],"award-info":[{"award-number":["GZF2023XZD05"]}]},{"name":"Shaanxi province innovation capability support program soft science research program project","award":["72072144"],"award-info":[{"award-number":["72072144"]}]},{"name":"Shaanxi province innovation capability support program soft science research program project","award":["71672144"],"award-info":[{"award-number":["71672144"]}]},{"name":"Shaanxi province innovation capability support program soft science research program project","award":["71372173"],"award-info":[{"award-number":["71372173"]}]},{"name":"Shaanxi province innovation capability support program soft science research program project","award":["70972053"],"award-info":[{"award-number":["70972053"]}]},{"name":"Shaanxi province innovation capability support program soft science research program project","award":["2019KRZ007"],"award-info":[{"award-number":["2019KRZ007"]}]},{"name":"Shaanxi province innovation capability support program soft science research program project","award":["2022HZ1824"],"award-info":[{"award-number":["2022HZ1824"]}]},{"name":"Shaanxi province innovation capability support program soft science research program project","award":["2023HZ1036"],"award-info":[{"award-number":["2023HZ1036"]}]},{"name":"Shaanxi province innovation capability support program soft science research program project","award":["21RKYJ0009"],"award-info":[{"award-number":["21RKYJ0009"]}]},{"name":"Shaanxi province innovation capability support program soft science research program project","award":["2021KRM183"],"award-info":[{"award-number":["2021KRM183"]}]},{"name":"Shaanxi province innovation capability support program soft science research program project","award":["GZF2023XZD05"],"award-info":[{"award-number":["GZF2023XZD05"]}]},{"name":"research and innovation key projects of Gansu University of Political Science and Law","award":["72072144"],"award-info":[{"award-number":["72072144"]}]},{"name":"research and innovation key projects of Gansu University of Political Science and Law","award":["71672144"],"award-info":[{"award-number":["71672144"]}]},{"name":"research and innovation key projects of Gansu University of Political Science and Law","award":["71372173"],"award-info":[{"award-number":["71372173"]}]},{"name":"research and innovation key projects of Gansu University of Political Science and Law","award":["70972053"],"award-info":[{"award-number":["70972053"]}]},{"name":"research and innovation key projects of Gansu University of Political Science and Law","award":["2019KRZ007"],"award-info":[{"award-number":["2019KRZ007"]}]},{"name":"research and innovation key projects of Gansu University of Political Science and Law","award":["2022HZ1824"],"award-info":[{"award-number":["2022HZ1824"]}]},{"name":"research and innovation key projects of Gansu University of Political Science and Law","award":["2023HZ1036"],"award-info":[{"award-number":["2023HZ1036"]}]},{"name":"research and innovation key projects of Gansu University of Political Science and Law","award":["21RKYJ0009"],"award-info":[{"award-number":["21RKYJ0009"]}]},{"name":"research and innovation key projects of Gansu University of Political Science and Law","award":["2021KRM183"],"award-info":[{"award-number":["2021KRM183"]}]},{"name":"research and innovation key projects of Gansu University of Political Science and Law","award":["GZF2023XZD05"],"award-info":[{"award-number":["GZF2023XZD05"]}]}],"content-domain":{"domain":[],"crossmark-restriction":false},"short-container-title":["Systems"],"abstract":"<jats:p>Facing the increasingly complex and uncertain external environment, the reasonable control of investment risk is the key to realizing the sound operation and high-quality development of enterprises. Based on the innovation perspective, this paper takes A-share non-financial listed companies from 2007 to 2021 as the research sample to explore the impact of the corporate risk-taking level on the high-quality development of enterprises and examines the transmission mechanism of the relationship between the two from the perspectives of innovation efficiency, innovation input, and innovation output. It is found that enterprise risk-taking significantly inhibits the high-quality development of enterprises, by reducing innovation efficiency; innovation efficiency plays a mediating role in the influence of the relationship between the two, which is mainly due to the fact that enterprise risk-taking increases the innovation inputs of enterprises but reduces the innovation outputs of enterprises, and then reduces the innovation efficiency of enterprises and inhibits the high-quality development of enterprises. This heterogeneity study finds that the inhibitory effect of corporate risk-taking on the high-quality development of firms is more pronounced among manufacturing firms, small-scale firms, and firms with higher capital intensity. The findings of this study provide both guidance to help enterprises to reduce risky investment decision-making behaviors and experience for regulators to effectively promote the formulation of policies related to the high-quality development of the real economy.<\/jats:p>","DOI":"10.3390\/systems12050154","type":"journal-article","created":{"date-parts":[[2024,4,30]],"date-time":"2024-04-30T08:14:31Z","timestamp":1714464871000},"page":"154","update-policy":"https:\/\/doi.org\/10.3390\/mdpi_crossmark_policy","source":"Crossref","is-referenced-by-count":6,"title":["Corporate Risk-Taking, Innovation Efficiency, and High-Quality Development: Evidence from Chinese Firms"],"prefix":"10.3390","volume":"12","author":[{"given":"Yongxia","family":"Wu","sequence":"first","affiliation":[{"name":"School of Economics and Management, Xi\u2019an University of Technology, Xi\u2019an 710054, China"},{"name":"School of Business, Gansu University of Political Science and Law, Lanzhou 730070, China"}]},{"given":"Haiqing","family":"Hu","sequence":"additional","affiliation":[{"name":"School of Economics and Management, Xi\u2019an University of Technology, Xi\u2019an 710054, China"}]},{"given":"Meng","family":"Xue","sequence":"additional","affiliation":[{"name":"School of Economics and Management, Xi\u2019an University of Technology, Xi\u2019an 710054, China"}]}],"member":"1968","published-online":{"date-parts":[[2024,4,30]]},"reference":[{"key":"ref_1","doi-asserted-by":"crossref","first-page":"163","DOI":"10.1108\/CPE-10-2018-016","article-title":"Study on the \u201chigh-quality development\u201d economics","volume":"1","author":"Bei","year":"2018","journal-title":"China Political Econ."},{"key":"ref_2","doi-asserted-by":"crossref","first-page":"150","DOI":"10.1016\/j.jfineco.2011.04.001","article-title":"Creditor rights and corporate risk-taking","volume":"102","author":"Acharya","year":"2011","journal-title":"J. Financ. Econ."},{"key":"ref_3","doi-asserted-by":"crossref","first-page":"278","DOI":"10.1016\/j.pacfin.2010.12.002","article-title":"Corporate governance and risk-taking: Evidence from Japanese firms","volume":"19","author":"Nguyen","year":"2011","journal-title":"Pac.-Basin Financ. J."},{"key":"ref_4","doi-asserted-by":"crossref","first-page":"34","DOI":"10.1016\/j.jacceco.2009.05.001","article-title":"Sarbanes-Oxley and corporate risk-taking","volume":"49","author":"Bargerson","year":"2010","journal-title":"J. Account. Econ."},{"key":"ref_5","doi-asserted-by":"crossref","first-page":"455","DOI":"10.1016\/j.jfineco.2008.10.001","article-title":"Does religion matter in corporate decision making in America","volume":"93","author":"Hilary","year":"2009","journal-title":"J. Financ. Econ."},{"key":"ref_6","doi-asserted-by":"crossref","first-page":"193","DOI":"10.1016\/j.jcorpfin.2016.02.008","article-title":"CEO Gender, Corporate risk-taking, and the efficiency of capital allocation","volume":"39","author":"Faccio","year":"2016","journal-title":"J. Corp. Financ."},{"key":"ref_7","doi-asserted-by":"crossref","first-page":"465","DOI":"10.1111\/acfi.12141","article-title":"Firm life cycle, corporate risk-taking and investor sentiment","volume":"57","author":"Habib","year":"2017","journal-title":"Account. Financ."},{"key":"ref_8","doi-asserted-by":"crossref","first-page":"328","DOI":"10.1016\/j.adiac.2014.09.004","article-title":"Corporate risk-taking, firm value and high levels of managerial earnings forecasts","volume":"30","author":"Imhof","year":"2014","journal-title":"Adv. Account."},{"key":"ref_9","doi-asserted-by":"crossref","first-page":"37","DOI":"10.2307\/256301","article-title":"Testing a causal model of corporate risk taking and performance","volume":"34","author":"Bromiley","year":"1991","journal-title":"Acad. Manag. J."},{"key":"ref_10","first-page":"285","article-title":"Risk committee, corporate risk-taking and firm value","volume":"47","author":"Bhuiyan","year":"2020","journal-title":"Manag. Financ."},{"key":"ref_11","doi-asserted-by":"crossref","first-page":"102484","DOI":"10.1016\/j.telpol.2022.102484","article-title":"Reaping digital dividends: Digital inclusive finance and high-quality development of enterprises in China","volume":"47","author":"Lee","year":"2023","journal-title":"Telecommun. Policy"},{"key":"ref_12","doi-asserted-by":"crossref","unstructured":"Ding, C., Liu, C., Zheng, C., and Li, F. (2021). Digital economy, technological innovation and high-quality economic development: Based on spatial effect and mediation effect. Sustainability, 14.","DOI":"10.3390\/su14010216"},{"key":"ref_13","doi-asserted-by":"crossref","first-page":"324","DOI":"10.1111\/jpet.12545","article-title":"Corporate tax cuts in a Schumpeterian growth model with an endogenous market structure","volume":"24","author":"Suzuki","year":"2022","journal-title":"J. Public Econ. Theory"},{"key":"ref_14","doi-asserted-by":"crossref","unstructured":"Ge, G., Xiao, X., Li, Z., and Dai, Q. (2022). Does ESG performance promote high-quality development of enterprises in China? The mediating role of innovation input. Sustainability, 14.","DOI":"10.3390\/su14073843"},{"key":"ref_15","doi-asserted-by":"crossref","first-page":"30743","DOI":"10.1007\/s11356-021-12921-x","article-title":"Can environmental information disclosure promote the high-quality development of enterprises? The mediating effect of intellectual capital","volume":"28","author":"Jiang","year":"2021","journal-title":"Environ. Sci. Pollut. Res."},{"key":"ref_16","doi-asserted-by":"crossref","first-page":"103683","DOI":"10.1016\/j.frl.2023.103683","article-title":"How digital technology improves the high-quality development of enterprises and capital markets: A liquidity perspective","volume":"53","author":"Liu","year":"2023","journal-title":"Financ. Res. Lett."},{"key":"ref_17","doi-asserted-by":"crossref","first-page":"3191","DOI":"10.1080\/1540496X.2022.2034616","article-title":"Corporate social responsibility and high-quality development: Do green innovation, environmental investment and corporate governance matter?","volume":"58","author":"Xue","year":"2022","journal-title":"Emerg. Mark. Financ. Trade"},{"key":"ref_18","doi-asserted-by":"crossref","first-page":"103","DOI":"10.1016\/j.frl.2022.103107","article-title":"Does digital transformation matter for corporate risk-taking?","volume":"49","author":"Tian","year":"2022","journal-title":"Financ. Res. Lett."},{"key":"ref_19","doi-asserted-by":"crossref","first-page":"1","DOI":"10.1007\/s11365-020-00684-9","article-title":"Entrepreneurship and high-quality economic development: Based on the triple bottom line of sustainable development","volume":"17","author":"Gu","year":"2021","journal-title":"Int. Entrep. Manag. J."},{"key":"ref_20","doi-asserted-by":"crossref","first-page":"470","DOI":"10.1080\/14479338.2020.1811097","article-title":"Product innovation and performance in SME\u2019s: The role of the creative process and risk taking","volume":"23","year":"2021","journal-title":"Innovation"},{"key":"ref_21","doi-asserted-by":"crossref","first-page":"100332","DOI":"10.1016\/j.jik.2023.100332","article-title":"Digital transformation, risk-taking, and innovation: Evidence from data on listed enterprises in China","volume":"8","author":"Liu","year":"2023","journal-title":"J. Innov. Knowl."},{"key":"ref_22","doi-asserted-by":"crossref","first-page":"683","DOI":"10.1016\/j.jbusres.2019.12.001","article-title":"Knowledge management capabilities and organizational risk-taking for business model innovation in SMEs","volume":"130","author":"Clauss","year":"2021","journal-title":"J. Bus. Res."},{"key":"ref_23","doi-asserted-by":"crossref","unstructured":"Li, R., Cui, Y., and Zheng, Y. (2021). The impact of corporate strategy on enterprise innovation based on the mediating effect of corporate risk-taking. Sustainability, 13.","DOI":"10.3390\/su13031023"},{"key":"ref_24","doi-asserted-by":"crossref","first-page":"894","DOI":"10.1108\/JOCM-08-2020-0237","article-title":"Influence of knowledge sharing, innovation passion and absorptive capacity on innovation behaviour in China","volume":"34","author":"Ye","year":"2021","journal-title":"J. Organ. Chang. Manag."},{"key":"ref_25","doi-asserted-by":"crossref","first-page":"93","DOI":"10.1111\/radm.12477","article-title":"Unveiling the role of risk-taking in innovation: Antecedents and effects","volume":"52","author":"Giaccone","year":"2022","journal-title":"R&D Manag."},{"key":"ref_26","doi-asserted-by":"crossref","unstructured":"Zhang, H., and Aumeboonsuke, V. (2022). Technological innovation, risk-taking and firm performance\u2014Empirical evidence from Chinese listed companies. Sustainability, 14.","DOI":"10.3390\/su142214688"},{"key":"ref_27","doi-asserted-by":"crossref","first-page":"183","DOI":"10.1016\/j.jfineco.2011.05.008","article-title":"Corporate cash holdings and CEO compensation incentives","volume":"102","author":"Liu","year":"2011","journal-title":"J. Financ. Econ."},{"key":"ref_28","first-page":"301","article-title":"How much does performance matter? A meta-analysis of CEO pay studies","volume":"26","author":"Tosi","year":"2000","journal-title":"J. Manag."},{"key":"ref_29","doi-asserted-by":"crossref","first-page":"867","DOI":"10.1017\/S002210901700120X","article-title":"Managerial risk-taking incentive and firm innovation: Evidence from FAS 123R","volume":"53","author":"Mao","year":"2018","journal-title":"J. Financ. Quant. Anal."},{"key":"ref_30","doi-asserted-by":"crossref","first-page":"233","DOI":"10.1177\/09717218221075153","article-title":"Rising to the challenge: Top executives with R&D background, risk-taking and corporate innovation","volume":"27","author":"Li","year":"2022","journal-title":"Sci. Technol. Soc."},{"key":"ref_31","doi-asserted-by":"crossref","first-page":"1679","DOI":"10.1111\/j.1540-6261.2008.01372.x","article-title":"Corporate governance and risk-taking","volume":"63","author":"John","year":"2008","journal-title":"J. Financ."},{"key":"ref_32","doi-asserted-by":"crossref","first-page":"104311","DOI":"10.1016\/j.frl.2023.104311","article-title":"Does financialization affect firm\u2019R&D investment? Evidence from China","volume":"58","author":"Liu","year":"2023","journal-title":"Financ. Res. Lett."},{"key":"ref_33","doi-asserted-by":"crossref","first-page":"143","DOI":"10.1016\/0048-7333(87)90028-X","article-title":"Patents as indicators of corporate technological strength","volume":"16","author":"Narin","year":"1987","journal-title":"Res. Policy"}],"container-title":["Systems"],"original-title":[],"language":"en","link":[{"URL":"https:\/\/www.mdpi.com\/2079-8954\/12\/5\/154\/pdf","content-type":"unspecified","content-version":"vor","intended-application":"similarity-checking"}],"deposited":{"date-parts":[[2025,10,10]],"date-time":"2025-10-10T14:37:12Z","timestamp":1760107032000},"score":1,"resource":{"primary":{"URL":"https:\/\/www.mdpi.com\/2079-8954\/12\/5\/154"}},"subtitle":[],"short-title":[],"issued":{"date-parts":[[2024,4,30]]},"references-count":33,"journal-issue":{"issue":"5","published-online":{"date-parts":[[2024,5]]}},"alternative-id":["systems12050154"],"URL":"https:\/\/doi.org\/10.3390\/systems12050154","relation":{},"ISSN":["2079-8954"],"issn-type":[{"value":"2079-8954","type":"electronic"}],"subject":[],"published":{"date-parts":[[2024,4,30]]}}}