摘要
在当前经济环境不确定性加剧的背景下，企业如何有效配置资源以支持创新活动成为重要议题。本文旨在探讨财务柔性对企业创新投资的影响机制，并通过实证研究揭示其作用路径及边界条件。基于中国A股上市公司的面板数据，本文采用固定效应模型和工具变量法进行分析，同时引入公司治理水平作为调节变量以考察其对两者关系的潜在影响。研究表明，财务柔性显著正向影响企业创新投资，且这种影响在高治理水平的企业中更为明显。进一步分析发现，财务柔性的促进作用在不同行业和技术密集度下存在异质性特征，尤其在技术密集型行业中表现更为突出。本文的创新点在于将财务柔性与企业创新投资联系起来，拓展了财务柔性经济后果的研究视角，并为理解企业资源配置与创新行为之间的关系提供了新证据。此外，本文还强调了公司治理在优化财务柔性使用效率中的关键作用，为企业提升创新能力和可持续发展能力提供了理论依据和实践启示。这一研究不仅丰富了相关领域的学术讨论，也为政策制定者和企业管理者提供了有价值的参考。
关键词：财务柔性；企业创新投资；公司治理水平；技术密集型行业；资源配置效率
Abstract
In the context of increasing uncertainty in the current economic environment, how firms effectively allocate resources to support innovation activities has become a critical issue. This study investigates the influence mechanism of financial slack on corporate innovation investment and reveals its pathways and boundary conditions through empirical analysis. Based on panel data from Chinese A-share listed companies, this paper employs a fixed-effects model and instrumental variable approach for analysis, while introducing corporate governance level as a moderating variable to examine its potential impact on the relationship between financial slack and innovation investment. The findings indicate that financial slack significantly and positively affects corporate innovation investment, with this effect being more pronounced in firms with higher governance levels. Further analysis demonstrates that the promoting role of financial slack exhibits heterogeneous characteristics across different industries and technology intensities, particularly showing greater prominence in technology-intensive industries. The novelty of this study lies in linking financial slack to corporate innovation investment, thereby expanding the research perspective on the economic consequences of financial slack and providing new evidence for understanding the relationship between resource allocation and innovative behavior in firms. Additionally, this paper highlights the crucial role of corporate governance in optimizing the efficiency of financial slack utilization, offering theoretical support and practical implications for enhancing firms' innovation capabilities and sustainable development. This research not only enriches academic discourse in relevant fields but also provides valuable references for policymakers and corporate managers.
Keywords：Financial Flexibility; Corporate Innovation Investment; Corporate Governance Level; Technology-Intensive Industry; Resource Allocation Efficiency
目 录
摘要 I
Abstract II
一、绪论 1
(一) 研究背景与意义 1
(二) 国内外研究现状综述 1
(三) 研究方法与技术路线 2
二、财务柔性与企业创新投资的理论基础 2
(一) 财务柔性的概念与衡量 2
(二) 企业创新投资的内涵与特征 3
(三) 财务柔性与创新投资的关系机制 3
三、财务柔性对企业创新投资影响的实证分析 4
(一) 数据来源与样本选择 4
(二) 模型构建与变量设计 4
(三) 实证结果与分析 5
四、提升财务柔性促进企业创新投资的对策建议 6
(一) 优化资本结构以增强财务柔性 6
(二) 构建动态财务管理体系 6
(三) 政策支持与外部环境改善 7
结 论 8
参考文献 9
