摘要
以2010-2019年我国A股上市公司为研究样本,系统考察环境不确定性对企业创新的整体影响,并分别以融资约束和内部控制为中介变量,检验环境不确定性对企业创新的影响机制。结果表明:环境不确定性通过增加企业融资约束和削弱内部控制渠道抑制企业创新活动。此外,环境不确定性对企业创新的影响具有"选择效应":对高技术性行业、非国有企业以及进攻型企业产生更强的抑制作用。
Using the data of A-share listed companies from 2010 to 2019, this paper systematically investigates the overall impact of environmental uncertainty on corporate innovation, and examines the impact mechanism with financing constraints and internal control as intermediary variables. The empirical results show that environment uncertainty will inhibit the corporate innovation by increasing financing constraints and weakening internal control channels. In addition, the impact of environmental uncertainty on corporate innovation has a "selection effect" : it has a stronger inhibitory effect for high-tech industries, non-state-owned enterprises and offensive enterprises.
作者
马勇
石甘霖
刘云涛
MA Yong;SHI Ganlin;LIU Yuntao(College of Finance and Statistics,Hunan University,Changsha,Hunan 410079,China)
出处
《财经理论与实践》
CSSCI
北大核心
2022年第1期2-8,共7页
The Theory and Practice of Finance and Economics
基金
湖南省优秀青年科学基金项目(2019JJ30001)
国家自然科学基金项目(71971077)。
关键词
环境不确定性
企业创新
融资约束
内部控制
environmental uncertainty
corporate innovation
financing constraints
internal control
