组织冗余、融资约束与企业创新投资  

Organizational Redundancy,Financing Constraints andCorporate Innovation Investment

作　　者：宋在科[1] 刘凌婧 SONG Zai-ke;LIU Ling-jing(Anhui University of Finance and Economics, Bengbu 233000, China)

机构地区：[1]安徽财经大学会计学院,蚌埠233000

出　　处：《青岛大学学报（自然科学版）》2020年第4期125-131,共7页Journal of Qingdao University(Natural Science Edition)

基　　金：国家社科项目(批准号:18BGL076)资助;安徽省高校自然科学研究重点项目(批准号:KJ2018A0621)资助;安徽省哲学社会科学规划办项目(批准号:AHSK2018D10)资助。

摘　　要：以2008-2017年中国非金融类A股上市公司为研究对象,实证分析了组织冗余对企业创新投资活动的影响,运用HADLOCK&PIERCE的SA指数计算公式衡量各企业的融资约束程度,考察了融资约束在组织冗余与企业创新投资之间的作用效果。研究结果表明,企业的组织冗余对企业的创新投资活动具有促进作用。不同的企业面临着不同程度的融资约束,企业存在的融资约束问题越严重,越会弱化组织冗余对企业创新投资的正向影响。相比于国有企业,在非国有企业中,融资约束对组织冗余与企业创新投资之间正向关系的弱化作用更显著。2008-2017 Chinese non-financial A-share listed companies were considered as the research object.The impact of organizational redundancy on corporate innovation investment activities was empirically analyzed.And the effect of financing constraints on organizational redundancy and corporate innovation investment was also investigated,using Hadlock&Pierce's SA index calculation formula to measure the degree of financing constraints of each company,and then investigates The effect of financing constraints on organizational redundancy and corporate innovation investment.The results show that the organizational redundancy of the enterprise promotes the innovation investment activities of the enterprise.However,different companies are faced with different degrees of financing constraints.The more serious the problem of financing constraints a company has,the more it will weaken the positive impact of organizational redundancy on corporate innovation investment.Compared with state-owned enterprises,non-state-owned enterprises facing financing constraintsin can be proved have a more significant weakening effect on the positive relationship between organizational redundancy and enterprise innovation investment.

关 键 词：组织冗余 融资约束 企业创新投资 

分 类 号：F272.3[经济管理—企业管理]