财务柔性与企业创新绩效--以研发投入为中介变量

Financial Flexibility and Innovation Performance:Taking R&D Investment as Intermediary Variable

文章以2013-2018年沪深A股上市公司为研究样本,运用最小二乘法分析财务柔性与企业创新绩效的关系,并检验研发投入在其中的中介作用。研究发现,财务柔性与企业创新绩效呈倒U型关系,且研发投入在财务柔性与创新绩效之间起中介作用。进一步研究发现,相比内部控制水平较差的企业,内部控制水平较高的企业,财务柔性与创新绩效呈更明显的倒U型关系。文章丰富了财务柔性对企业创新绩效影响的相关研究,为企业合理运用财务柔性提供了理论支持,同时验证了内部控制对企业创新绩效的积极影响。

Using 2013-2018 Shanghai and Shenzhen A-share listed companies as the research sample,the authors discuss the relationship between financial flexibility and enterprise innovation performance through theoretical and empirical analysis.The results show that the relationship between financial flexibility and innovation performance is inverted U-shaped.At the same time,R&D investment plays an important intermediary role between financial flexibility and innovation performance.Financial flexibility affects enterprise R&D investment and innovation performance.Further research finds that,compared with the enterprises with poor internal control level,the enterprises with high internal control level have a more obvious inverted U-shaped relationship between financial flexibility and innovation performance,that is,within a certain range of financial flexibility,internal control has a positive effect on the relationship between financial flexibility and innovation performance.