摘要
以我国A股上市高新技术企业2015-2020年的样本数据为研究对象,利用多元回归模型,实证分析了财务柔性对企业创新投入产生的影响,同时考虑内部控制在财务柔性与企业创新投入关系中发挥的调节效应。实证研究发现:财务柔性与企业创新投入并不是简单的线性关系,而是倒U型关系;高质量的内部控制可以增强财务柔性对企业创新投入的促进作用。企业可以通过保持现金持有量和较低的杠杆率充分发挥财务柔性的缓冲作用,也要加强内部控制机制建设,形成以高质量内部控制作为企业长期竞争优势的政策导向。
Taking the sample data of Chinese A-share listed high-tech enterprises from 2015 to 2020 as the research object, using multiple regression model, the paper empirically analyzes the influence of financial flexibility on enterprise innovation input, and considers the moderating effect of internal control on the relationship between financial flexibility and enterprise innovation input. The empirical results show that financial flexibility and innovation input are not simply linear, but inverted U-shaped. High quality internal control can enhance the role of financial flexibility in promoting enterprise innovation input. Enterprises can give full play to the buffer role of financial flexibility by maintaining cash holdings and low leverage ratio, also strengthen the construction of internal control mechanism, and form a policy orientation that takes high-quality internal control as the long-term competitive advantage of enterprises.
作者
张林
韩欣宇
ZHANG Lin;HAN Xinyu
出处
《商业经济》
2022年第11期155-157,共3页
Business & Economy
基金
2021年度黑龙江省经济社会发展重点研究课题:数字化赋能黑龙江省制造业转型升级对策研究(21203)。
关键词
高新技术企业
财务柔性
内部控制
企业创新投入
high-tech enterprises
financial flexibility
internal control
enterprise innovation input
