双重融资约束、国际化程度与创新绩效——基于205家跨国制造企业的面板数据

Dual Financing Constraints, Degree of Internationalization and Innovation Performance: An Empirical Study Based on the Panel Data of 205 Multinational Manufacturing Enterprises

从融资约束异质性视角出发,采用2010—2015年沪深A股205家跨国制造企业的面板数据,实证研究双重融资约束对创新绩效的影响效应,分析国际化程度的调节作用。研究发现,内源融资约束对创新绩效具有负向的影响,外源融资约束对创新绩效具有正向影响,国际化程度对内外源融资约束与创新绩效之间的关系具有正向调节作用。为厘清跨国公司融资约束对创新绩效的影响机制提供了新的理论视角,同时对促进跨国公司的创新发展具有一定的启发价值。

Using the data of 205 A-share listed multinational manufacturing enterprises from 2010 to 2015 in Shanghai and Shenzhen, this paper empirically tests the impact of double financing constraints and degree of internationalization on innovation performance based on the perspective of financing constraints heterogeneity. The results show that the intrinsic financing constraints have a negative impact on innovation performance, and the external financing constraints have a positive impact on innovation performance, and the degree of internationalization positively moderates the relationship between dual financing constraints and innovation performance. The results provide a new theoretical perspective for clarifying the influence mechanism of multinational corporation financing constraints on innovation performance, and have certain inspiration value for promoting the innovation and development of multinational corporations.