财务柔性、融资约束对创新投资的影响研究

The Impact of Financial Flexibility and Financing Constraints on Innovation Investment

创新是企业高速、高质量发展的关键,财务柔性的储备可以缓解创新活动导致的融资问题。基于此选取深圳A股上市公司作为样本,筛选2015-2019年1602家深圳A股上市公司财务数据,引入融资约束作为中介变量,运用实证分析的方法探究了财务柔性与创新投资的关系以及相关作用路径。结果表明:财务柔性对创新投资具有显著的正向影响;财务柔性对融资约束具有显著的负向影响;融资约束在财务柔性与创新投资之间发挥部分中介作用。研究结果为上市公司在面临融资约束的情况下,保证合理的财务柔性储备以减少融资约束对企业产生负面影响,同时更好地进行创新投资提供了参考和借鉴。

Innovation is the key to the high-speed and high-quality development of enterprises.The reserve of financial flexibility can alleviate the financing problems caused by innovation activities.Based on this,this paper selects Shenzhen A-share listed companies as a sample,chooses the financial data of 1602 Shenzhen A-share listed companies from 2015 to 2019,introduces financing constraints as an intermediary variable,and uses the method of empirical analysis to explore the relationship and related action path between financial flexibility and innovation investment.The results show that financial flexibility has a significant positive impact on innovation investment,financial flexibility has a significant negative impact on financing constraints,and that financing constraints play an intermediary role between financial flexibility and innovative investment.The research results provide a reference for listed companies to ensure reasonable financial flexibility reserves in the face of financing constraints,so as to reduce the negative impact of financing constraints on enterprises,and better carry out innovation investment.