财务柔性是否促进知识密集型中间投入品企业的价值提升——基于技术创新投入的遮掩效应

Does Financial Flexibility Promote the Value Enhancement of Knowledge Intensive Intermediate Input Enterprises——The Covering-up Effect based on Technology Innovation Investment

知识密集型中间投入品产业的发展对产业安全起着重要作用,但发展受财务柔性限制。本文利用2011—2021年知识密集型中间投入品产业上市公司对之进行探讨。研究发现,财务柔性与知识密集型中间投入品企业价值之间呈倒U型,技术创新投入在两者之间表现为遮掩效应。技术创新投入能显著提升企业价值,而财务柔性储备会占用技术创新投入的预算。进一步根据企业性质分组回归,发现相对于国有企业,非国有企业对冗余资金的利用率更高。根据地区分组回归发现,相比东中部,西部地区的知识密集型中间投入品企业财务柔性储备的效应更高。

The development of knowledge intensive intermediate input industries plays an important role in industrial security,but is limited by financial flexibility.This paper uses the knowledge intensive intermediate input industry listed companies from 2011 to 2021 to explore it.Research has found that there is an inverted U-shaped relationship between financial flexibility and the value of knowledge intensive intermediate input enterprises,and technological innovation investment exhibits a masking effect between the two.Technological innovation investment can significantly enhance enterprise value,while financial flexibility reserves will occupy the budget for technological innovation investment.Further grouping regression based on the nature of enterprises reveals that non-state-owned enterprises have a higher utilization rate of redundant funds compared to state-owned enterprises.According to regional grouping regression,it was found that compared to the eastern and central regions,knowledge intensive intermediate input enterprises in the western region have a higher effect on financial flexible reserves.