摘 要：在全球经济竞争日益激烈和技术创新驱动发展的背景下，企业财务战略与创新投入之间的互动关系成为学术界和实践领域关注的焦点。本研究旨在探讨不同财务战略对企业创新投入的影响机制及其反向作用，通过构建理论模型并结合中国上市公司的面板数据进行实证分析。研究采用固定效应模型和工具变量法以缓解内生性问题，结果表明稳健型财务战略更有利于促进企业创新投入，而激进型财务战略可能因短期绩效压力抑制创新活动。此外，企业创新投入的增加也会反向优化财务资源配置效率，形成良性互动关系。本研究的创新点在于引入动态视角分析两者间的双向因果关系，并揭示财务柔性在其中的调节作用。研究为企业制定适应创新需求的财务战略提供了理论依据，同时对提升企业长期竞争力具有重要实践意义。
关键词：财务战略；创新投入；双向因果关系
Abstract：In the context of increasingly intense global economic competition and innovation-driven development, the interactive relationship between corporate financial strategies and innovation investments has become a focal point for both academia and practice. This study aims to explore the impact mechanisms of different financial strategies on corporate innovation investments and their reverse effects by constructing a theoretical model and conducting empirical analysis using panel data from Chinese listed companies. Fixed-effects models and instrumental variable approaches are employed to address endogeneity issues, revealing that a prudent financial strategy is more conducive to promoting innovation investments, whereas an aggressive financial strategy may suppress innovative activities due to short-term performance pressures. Moreover, increased innovation investments can, in turn, optimize the efficiency of financial resource allocation, fostering a virtuous interaction. The novelty of this research lies in its dynamic perspective in analyzing the bidirectional causal relationship between the two constructs and uncovering the moderating role of financial flexibility. This study provides theoretical support for firms in developing financial strategies that align with innovation demands and holds significant practical implications for enhancing long-term corporate competitiveness.
Keywords: Financial Strategy；Innovation Investment；Bidirectional Causal Relationship
目 录
引言 1
一、企业财务战略的理论基础与框架构建 1
(一)财务战略的核心概念界定 1
(二)财务战略的分类与特征分析 2
(三)财务战略对企业创新的影响机制 2
二、企业创新投入的行为模式与驱动因素 3
(一)创新投入的基本内涵与构成 3
(二)创新投入的主要驱动因素分析 3
(三)创新投入对企业绩效的作用路径 4
三、财务战略与创新投入的互动关系分析 4
(一)财务战略对创新投入的支撑作用 4
(二)创新投入对财务战略的反哺效应 5
(三)双向互动关系的动态平衡机制 5
四、实证研究与案例分析：互动关系的验证 6
(一)研究设计与数据来源 6
(二)实证结果与互动关系检验 6
(三)案例分析与经验总结 7
结论 7
参考文献 9
致谢 9
关键词：财务战略；创新投入；双向因果关系
Abstract：In the context of increasingly intense global economic competition and innovation-driven development, the interactive relationship between corporate financial strategies and innovation investments has become a focal point for both academia and practice. This study aims to explore the impact mechanisms of different financial strategies on corporate innovation investments and their reverse effects by constructing a theoretical model and conducting empirical analysis using panel data from Chinese listed companies. Fixed-effects models and instrumental variable approaches are employed to address endogeneity issues, revealing that a prudent financial strategy is more conducive to promoting innovation investments, whereas an aggressive financial strategy may suppress innovative activities due to short-term performance pressures. Moreover, increased innovation investments can, in turn, optimize the efficiency of financial resource allocation, fostering a virtuous interaction. The novelty of this research lies in its dynamic perspective in analyzing the bidirectional causal relationship between the two constructs and uncovering the moderating role of financial flexibility. This study provides theoretical support for firms in developing financial strategies that align with innovation demands and holds significant practical implications for enhancing long-term corporate competitiveness.
Keywords: Financial Strategy；Innovation Investment；Bidirectional Causal Relationship
目 录
引言 1
一、企业财务战略的理论基础与框架构建 1
(一)财务战略的核心概念界定 1
(二)财务战略的分类与特征分析 2
(三)财务战略对企业创新的影响机制 2
二、企业创新投入的行为模式与驱动因素 3
(一)创新投入的基本内涵与构成 3
(二)创新投入的主要驱动因素分析 3
(三)创新投入对企业绩效的作用路径 4
三、财务战略与创新投入的互动关系分析 4
(一)财务战略对创新投入的支撑作用 4
(二)创新投入对财务战略的反哺效应 5
(三)双向互动关系的动态平衡机制 5
四、实证研究与案例分析：互动关系的验证 6
(一)研究设计与数据来源 6
(二)实证结果与互动关系检验 6
(三)案例分析与经验总结 7
结论 7
参考文献 9
致谢 9
