摘要
基于财务柔性组织理论,本文利用2007-2017年我国A股上市非金融类公司微观数据,从理论和实证检验分析了企业财务柔性能力对持续性创新的影响,结果显示企业财务柔性对持续性创新存在正向促进作用。进一步,本文探讨了财务柔性可能存在的"协调创新效应"和"自适应效应"两种机制。协调创新效应相关检验结果显示企业储备的财务柔性能力能有效协调内外部资源,释放融资约束的负向影响,从而正向促进企业持续性创新。检验结果还显示,企业主动地调节财务柔性储备,能够在不同维度环境的不确定性影响下发挥"自适应效应",助力企业实现持续创新的目标。总体而言,本文结论改善了企业断点式或阶段式的创新投入方式,切实提升了企业自主研发能力和质量,对`实现我国创新"量质平衡"有重要意义。
Based on the organizational theory of financial flexibility,using the micro-data of nonfinancial companies listed in China’s A-share from 2007 to 2017,this paper analyzes the effect of corporate financial flexibility on innovation sustainability from theoretical and empirical tests.It is found that corporate financial flexibility plays a positive role in promoting innovation sustainability.Furthermore,this paper explores two mechanisms-"coordinated innovation effect"and"adaptive effect"that may exist in financial flexibility.It is found that the financial flexibility of corporate reserves is able to effectively coordinate internal and external resources,release financing constraints while regulating their negative effect on innovation sustainability,and positively influence sustainable corporate innovation.Second,in the environmental uncertainty of different dimensions,enterprises can actively regulate their financial flexibility reserve,unleash the adaptive effect of financial flexibility in the dynamic environmental changes,positively promoting sustainable corporate innovation.The conclusions of this study are of important significance for improving corporate input in breakpoint or staged innovation,truly upgrading the independent research and development capabilities and quality of enterprises,and achieving the"quantity-quality balance"in innovation in China.
作者
肖忠意
林琳
陈志英
许定宝
Xiao Zhongyi;Lin Lin;Chen Zhiying;Xu Dingbao
出处
《统计研究》
CSSCI
北大核心
2020年第5期82-93,共12页
Statistical Research
基金
国家社会科学基金项目(18BJL059)
教育部人文社会科学基金项目(16YCJ790010)
重庆市教委科技项目(KJQN201900309)。
关键词
财务柔性能力
持续性创新
协调创新效应
自适应效应
Financial Flexibility
Innovation Sustainability
Coordinated Innovation Effect
Adaptive Effect
