摘要
高水平的财务冗余政策与创新战略相协调,对企业持续保持竞争优势至关重要。政府补贴作为企业获得的外部资金支持,是创新资源的重要补充。本文以上市高新技术企业为样本,研究财务冗余、政府补贴对企业双元创新投资的直接作用和互补作用。研究主要发现:较之于对开发式创新的影响,政府补贴、财务冗余对企业探索式创新投资具有显著的促进作用,财务冗余与政府补贴对激励探索式创新投资具有一定的互补作用;相对于国有企业,民营企业的财务冗余与探索性创新投资的相关性较弱,政府补贴与财务冗余激励探索性创新投资的互补作用更加显著。
This paper studies the direct effect and complementary effect of government subsidies and financial slack on ambidextrous innovation based on the sample of Chinese listed high-tech enterprises. This study finds that: Compared to exploitative innovation investment, government subsidies and financial slack plays more significant promoting effect on exploratory innovation investment; Compared to exploitative innovation investment; financial slack and government subsidies play more significant complementary effect on exploratory innovation. Compared to SOE,the direct effect of financial slack on exploratory innovation investment of non-SOE is less significant,and the complementary effect of financial slack and government subsidies on promoting exploratory innovation investment of non-SOE is more significant.
出处
《会计研究》
CSSCI
北大核心
2017年第1期46-52,共7页
Accounting Research
基金
国家自然科学基金青年项目(71502119
71502122
71402114)
天津财经大学"优秀青年学者计划"的资助
