赵世坤 梁鑫

摘  要：研究不同融资约束情况下，财务柔性会对企业创新产生什么样的影响。选取了2010～2018年在上海证券交易所和深圳证券交易所的A股上市公司作为研究样本，剔除ST、PT公司样本、金融性企业样本和数据不全公司的样本，采用回归分析的方法，研究融资约束下，财务柔性对企业创新的影响。研究结果表明：在不加入融资约束变量条件下，财务柔性能够显著促进企业创新;而在融资约束的情况下，财务柔性对企业创新有负向影响。为了区分融资约束的大小，以平均值为标准将融资约束划分为高融资约束组和低融资约束组来进行研究。在进一步研究中，加入了产权的因素，研究不同产权性质下，不同融资约束情况下，财务柔性对企业创新的影响。结论表明：我国上市公司总体研发投入强度较小，我国上市公司总体财务柔性水平偏低，上市公司对财务柔性的重视程度不一，财务柔性储备会增强企业创新能力，能够为企业创新提供稳定的资金来源。而融资约束水平较高的条件下，企业倾向于更弱的财务柔性储备。

关键词：财务管理;财务柔性;回归分析;融资约束

中图分类号：F253.7    文献标识码：A

Abstract： Aim to study the impact of financial flexibility on enterprise innovation under different financing constraints. The 2010

～2018 A-share listed companies on the Shanghai Stock Exchange and the Shenzhen Stock Exchange were selected as the research samples， and the samples of ST and PT companies， financial companies and companies with incomplete data were removed， and regression analysis was used to study under financing constraints， the impact of financial flexibility on corporate innovation. The research results show that financial flexibility can significantly promote enterprise innovation without adding financing constraint variables; while in the case of financing constraints， financial flexibility has a negative impact on corporate innovation. In order to distinguish the size of financing constraints， the financing constraints are divided into high financing constraints and low financing constraints groups based on the average value for research. In further research， the factor of property rights was added to study the impact of financial flexibility on enterprise innovation under different property rights and different financing constraints. The conclusion shows that the overall R&D investment intensity of listed companies in my country is relatively small， and the overall financial flexibility level of listed companies in my country is relatively low. Listed companies pay different attention to financial flexibility. Financial flexibility reserves will enhance corporate innovation capabilities and provide stable innovation sources of funds. Under the condition of higher levels of financing constraints， enterprises tend to have weaker financial flexibility reserves.

Key words： financial management; financial flexibility; regression analysis; financing constraint

0  引  言

創新是推动国家经济发展的重要力量。然而创新活动的长周期、高投入、高科技使得企业面临较高的风险和调整成本，再加上创新项目往往属于公司的保密级项目，存在较多的信息不对称，使得企业面临较强的融资约束，制约企业的创新动力和能力[1]。……