经济周期、财务冗余与企业创新投入--基于不同类型财务冗余差异视角的研究  

Business cycle,financial slack and enterprise’s innovation investment--From the perspective of different types of financial slack difference

作　　者：胡永平[1] 陈思芩 HU Yongping;CHEN Siqin(School of Accounting,Chongqing University of Technology,Chongqing 400054,China)

机构地区：[1]重庆理工大学会计学院,重庆400054

出　　处：《重庆理工大学学报（社会科学）》2021年第9期121-132,共12页Journal of Chongqing University of Technology（Social Science）

基　　金：教育部人文社会科学规划基金项目“政府研发资助对民营企业创新融资的影响效应与路径优化研究”(20XJA790003);重庆市教育委员会人文社会科学研究项目“重庆产业升级的创新驱动机理与实现路径研究”(16SKgh142)。

摘　　要：创新是引领社会发展的第一动力,研究企业创新投入的影响因素具有重要意义。以创业板和中小板上市公司2009—2018年数据为样本,实证研究不同类型财务冗余与企业创新投入的关系以及经济周期波动对二者关系的影响。结果显示:可利用财务冗余比潜在财务冗余更能促进企业创新投入。与经济繁荣时期相比,经济衰退期两类财务冗余对非国有企业和高新技术企业创新投入的正向影响更显著,且此时可利用财务冗余对创新投入的正向影响增幅更大。因此,理性的企业管理者不仅需要留存适当的财务冗余资源以保障创新投入的持续性,还要实时对未来经济环境的变化进行预测,动态调整财务冗余的总量和类型以便高效率的利用留存资源。Innovation is the primary driving force leading social development.It is of great significance to study the influencing factors of enterprise innovation input.Taking the data of small and medium-sized board and GEM listed companies from 2009 to 2018 as samples,this paper empirically studied the relationship between different types of financial slack and enterprise’s innovation investment and the impact of business cycle fluctuations on the relationship between the two.The results show that the positive effect of financial slack available on innovation investment is greater than that of potential financial slack.In addition,these two types of financial slack have a more significant positive impact on innovation investment during the recession than the prosperity for non-state-owned company and high-tech company,and the positive impact of financial slack available on innovation investment is still greater than that of potential financial slack.Therefore,rational enterprise managers not only need to retain appropriate financial slack resources to ensure the continuity of innovation input,but also need to predict the changes of the future economic environment in real time and adjust the amount and type of financial slack in order to efficiently use the retained resources accordingly.

关 键 词：经济周期 财务冗余 企业创新投入 

分 类 号：F275[经济管理—企业管理]