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| 财务柔性对制造业企业创新效率的影响研究 |
| Research on the Influence of Financial Flexibility on the Innovation Efficiency of Manufacturing Enterprises |
| 投稿时间：2025-06-17 |
| DOI：10.16018/j.cnki.cn32-1499/c.202506007 |
| 中文关键词: 财务柔性 融资约束 创新效率 |
| 英文关键词: financial flexibility financing constraints innovation efficiency |
| 基金项目:江苏省高校哲学社会科学研究项目(2025SJYB1473) |
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| 中文摘要: |
| 以2014—2023年沪深A股制造业上市公司为样本,采用多元线性回归与中介效应模型,探究财务柔性对创新效率的影响机制。研究发现:财务柔性与制造业企业创新效率显著正相关;融资约束在二者间发挥部分中介作用;异质性分析显示,财务柔性对创新效率的促进作用在劳动密集型企业、高行业竞争组及非国有企业中更显著。研究为制造业企业优化财务柔性储备、缓解融资约束提供实践指导,同时拓展了财务战略与创新管理的理论边界。 |
| 英文摘要: |
| This study takes manufacturing enterprises listed on the Shanghai and Shenzhen A-shares from 2014 to 2023 as samples, and adopts multiple linear regression and mediation effect model to explore the impact mechanism of financial flexibility on innovation efficiency. The results show that: financial flexibility has a significant positive correlation with the innovation efficiency of manufacturing enterprises; financing constraints play a partial mediating role between the two; heterogeneity analysis indicates that the promoting effect of financial flexibility on innovation efficiency is more significant in labor-intensive enterprises, high industry competition groups and non-state-owned enterprises. This research provides practical guidance for manufacturing enterprises to optimize financial flexibility reserves and alleviate financing constraints, while expanding the theoretical boundaries of financial strategy and innovation management. |
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