金融资源视阈下资源认知对企业创新的影响研究

Research on the Impact of Resource Perception on Corporate Innovation from the Perspective of Financial Resources

企业可用资源早已不限于内部自有,对外部潜在资源的认知结果也成为影响企业创新绩效的重要因素。作为为企业创新输送资金的关键要素,金融资源在众多创新资源中显得尤为重要。研究将企业金融资源获取视角拓展至认知层面,分析外部金融资源认知与企业创新之间的作用关系、融资约束在二者中发挥的中介作用以及企业透明度对融资约束与企业创新关系的调节作用。通过固定效应模型分析A股上市公司数据,结果表明对外部可用金融资源的全面认知通过缓解融资约束进而增进企业创新产出,企业透明度正向调节融资约束与企业创新之间的关系。说明金融资源认知多样化有利于打破融资约束、促进企业创新,高水平企业透明度可以缓解融资约束对企业创新的抑制作用。结论为企业发掘潜在金融资源、增加创新绩效提供了认知层面的新思路,并阐述了立足企业透明度情境分析创新资金利用效率提升的必要性。

The resources available to enterprises are not limited to their internal resources.The perception of potential external resources has also become an important factor affecting the innovation performance of enterprises.Financial resources,as a key element to channel funds for enterprise innovation,are particularly important among many innovation resources.The study extends the acquisition of financial resources to the perceptive level and analyzes the relationship between the perception of external financial resources and enterprise innovation,the mediating role of financing constraints in the two,and the moderating effect of corporate transparency on the relationship between financing constraints and enterprise innovation.The paper analyzes the data of A-share listed companies using a fixed-effects model.The results show that a comprehensive perception of available external financial resources enhances enterprise innovation output by alleviating financing constraints.Corporate transparency positively moderates the relationship between financing constraints and enterprise innovation.The results suggest that the diversification of financial resource perception is conducive to breaking the financing constraint and promoting enterprise innovation,and the high level of corporate transparency can alleviate the inhibitory effect of financing constraints on enterprise innovation.The conclusion provides a new idea for enterprises to explore potential financial resources and increase innovation performance and expounds on the necessity of improving the efficiency of innovation capital utilization based on the context of enterprise transparency.