财务冗余对企业创新国际化的影响研究  

Impact of Financial Slack on the Internationalization of Enterprise Innovation

作　　者：武力超[1] 丁禹君 田雯雯 檀宜哲 方心怡 WU Lichao;DING Yujun;TIAN Wenwen;TAN Yizhe;FANG Xinyi

机构地区：[1]厦门大学经济学院 [2]香港中文大学(深圳)人文社科学院,中国

出　　处：《西北工业大学学报（社会科学版）》2024年第4期114-123,共10页Journal of Northwestern Polytechnical University(Social Sciences)

基　　金：国家社会科学基金一般项目“碳中和背景下企业技术创新引领型发展与政策引导研究”(21BJL088)。

摘　　要：随着中国对外开放的深入和企业自身实力的不断增强,企业创新国际化的重要性日益凸显。财务冗余作为一种企业可以灵活支配以满足多样化需求的内部资金,会对企业创新国际化进程产生影响。基于2007—2020年中国上市公司数据库和专利数据库,使用多维面板固定效应模型研究财务冗余对企业创新国际化的影响。首先从理论层面梳理财务冗余,主要通过企业风险降低效应和融资约束缓解效应促进企业创新国际化战略的实施,之后实证检验企业内部和外部异质性因素的影响,发现财务冗余对数字化转型程度更高、国际化经验更丰富、以技术寻求和市场寻求为投资动机、高管教育水平更高、处于高竞争行业,以及具有更紧密银企关系的企业的创新国际化促进作用更强。对不同类型的财务冗余资源,以及多元化战略对企业创新国际化影响的讨论,旨在对企业利用内部财务冗余,推动创新国际化战略的实施和管理提出相应的对策建议。Based on the database of Chinese listed companies and patent database from 2007 to 2020,this paper uses a multidimensional panel fixed-effects model to study the impact of financial slack on the internationalization of enterprise innovation.The authors firstly review the internal mechanism of financial slack promoting the internationalization strategy of enterprise innovation,and examine the influence of internal and external heterogeneous factors of enterprises respectively.The study further explores different types of financial slack resources and the effects of diversification strategy on the internationalization of enterprise innovation,and verifies the intermediate mechanism of financial slack affecting the internationalization of enterprise innovation.The empirical results show that financial slack facilitates the internationalization of enterprise innovation,which is more prominent for enterprises with a higher degree of digital transformation,richer internationalization experience,technology-seeking and market-seeking investment motives,higher education level of executives,high-competitive industries,and closer bank-business relationship.Financial slack can promote the internationalization of enterprise innovation through financing constraint alleviation effect and business risk reduction effect.Finally,the authors put forward corresponding countermeasures and suggestions for enterprises to utilize internal financial slack to promote the implementation and management of innovation internationalization strategy.

关 键 词：财务冗余 创新国际化 异质性 

分 类 号：F272.3[经济管理—企业管理]