企业金融资产配置对双元创新的影响

以2014-2016年非金融上市公司为样本,研究不同种类的金融资产配置对双元创新的影响,考察高管激励方式在两者之间的调节效应,并基于产权异质性作进一步检验。引入ITCV方法测量内生性问题是否改变了回归结果,以检验结论的稳健性。研究发现：①短期金融资产配置对双元创新不产生蓄水池效应;②长期金融资产配置对探索式创新具有挤出效应,而对开发式创新挤出效应受到产权异质性的影响;③相对于开发式创新,长期金融资产对探索式创新的挤出效应更加显著;④国有企业中,股权激励有助于弱化长期金融资产配置对双元创新的挤出效应,而在非国有企业中,这一调节效应并不显著;⑤相对于探索式创新,薪酬激励弱化长期金融资产配置对开发式创新的挤出效应更加显著。

The Impact of Enterprise Financial Asset Allocations on Ambidextrous Innovation

This paper takes samples of non financial listed companies from 2014 to 2016 to study the impact of different types of financial asset allocation on ambidextrous innovation, and examine the moderating effect of executive incentive on the relationship between financial asset allocation and ambidextrous innovation. Then, we conduct further tests based on the heterogeneity of property rights. In robustness testing, we introduce the ITCV to measure whether endogeneity changes the results of regression. Empirical results are shown as follows: (ⅰ) Short term financial asset allocation has no reservoir effect on ambidextrous innovation.(ⅱ)long term financial asset allocation has a crowding out effect on exploratory innovation. In addition, the crowed out effect of long term financial assets on exploitative innovation is influenced by property heterogeneity. (ⅲ)Compared with development based innovation, the crowed out effect of long term financial assets on exploratory innovation is more significant. (ⅳ)In the state owned companies, equity incentive is helpful to weaken crowed out effect, while the moderating effect is inconspicuousness in non state owned companies. (ⅴ)Compared with exploratory innovation,the moderating effect of Salary incentive which will weaken the negative relationship between long term financial assets and exploitative Innovation investment is more significant.