创新方式会影响企业投资价值吗?——基于冗余资源的调节效应验证

Does Enterprise Innovation Mode Affect Enterprise Investment Value?——Verification of Regulatory Effect Based on Redundant Resources

针对创新方式对企业投资价值的影响机制问题,本文选取2011-2017年间在我国沪深两市A股主板上市的683家大型高科技企业样本数据,以冗余资源为调节变量,分析了创新方式的两个维度——探索式创新和利用式创新对企业投资价值的影响。研究表明:探索式创新和利用式创新与企业投资价值之间显著正相关;财务冗余资源正向调节探索式创新与企业投资价值之间的关系;人力冗余资源负向调节探索式创新与企业投资价值之间的关系;财务冗余资源正向调节利用式创新与企业投资价值之间的关系;人力冗余资源负向调节利用式创新与企业投资价值之间的关系。研究结论为企业管理者和金融市场上的投资者提供了有益参考,提高了企业创新投资的决策效率。

To study the influence mechanism of innovation mode on enterprise investment value,we select the sample data of 683 large high-tech companies listed on A-share main board of Shanghai and Shenzhen in 2011-2017,with redundant resources as the regulating variable,we analyze the two dimensions of innovation mode—exploratory innovation and utilization-focused—and their influence on enterprise investment value. The research shows that there is a significant positive correlation between exploration innovation and utilizationfocused innovation and enterprise investment value. Financial redundant resources positively regulate the correlation of exploratory/utilization-focused innovation and enterprise investment value. Human redundant resources negatively regulate the correlation between exploratory/utilization-focused innovation and enterprise investment value. The conclusion provides useful reference for enterprise managers and investors in the financial market and improves the decision-making efficiency of enterprise innovation investment.