“互联网+”战略、金融资产配置与企业创新投资——来自数字化企业的准自然实验

数字经济背景下，互联网对企业创新的作用日益凸显。数字化企业作为国家“互联网+”战略实施的“排头兵”，过度持有金融资产会对创新投资产生挤出效应，从而不利于国家创新能力提升和经济发展。互联网时代，能否通过“互联网+”战略促使数字化企业降低金融资产配置水平，从而促进创新投资成为亟待解决的问题。以2010—2020年沪深A股上市公司为样本，实证检验“互联网+”战略实施、数字化企业金融资产配置与创新投资三者间的互动关系。结果发现，“互联网+”战略能够通过降低数字化企业金融资产配置水平促进创新投资，即金融资产配置在“互联网+”战略与数字化企业创新投资间发挥部分中介效应。进一步将创新投资细分为探索式和利用式创新投资发现，“互联网+”战略能够促进数字化企业探索式创新投资，抑制利用式创新投资，同时金融资产配置在“互联网+”战略与探索式创新投资间难以发挥中介效应，但在“互联网+”战略与利用式创新投资间发挥遮掩效应；对企业金融资产配置的蓄水池动机和替代动机进行检验发现，“互联网+”战略能够削弱数字化企业的蓄水池动机，对替代动机无显著影响。结论能够为国家更好地发展互联网经济，合理配置数字化企业金融资产，优化创新投资提供经验借鉴和实证支持。

“Internet +” Strategy,Financial Asset Allocation and Enterprise Innovation Investment：Quasi-natural Experiment Based on Digital Enterprises

“Internet +” can reasonably guide the combination of real enterprises with the Internet economy, promote real enterprises to optimize their innovation investment behavior based on Internet, and thus provide internal impetus for national innovation.In contemporary China, real enterprises, especially digital enterprises, are more likely to allocate financial assets due to the motivation of “reservoir” and “substitution”, thus resulting in “crowding out” effect on innovation investment, which is not conducive to high-quality integration of real enterprises and Internet economy in the long run.The government should guide the digitized enterprises to reduce the level of financial asset allocation through the implementation of the "Internet plus" strategy, and help them invest more in innovation, and achieve the high quality integration of the economic entities and the Internet economy, thus providing the impetus for the development of the real economy and promoting the sustained and healthy development of the national economy in the Internet era.#br#Taking A-share listed companies in Shanghai and Shenzhen from 2010 to 2020 as samples, this paper empirically tests the interactive relationship among the implementation of “Internet +” strategy, financial asset allocation of digital enterprises and innovation investment by using PSM-DID method.At the same time, the “reservoir” and “substitution” motivations of “Internet +” strategy on the relationship between digital enterprises' financial asset allocation and innovation investment are tested, and the results of this paper are verified by robustness tests such as adding regional dummy variables, changing explained variables and t+1 innovation investment.#br#It is found that the “Internet +” strategy can promote innovative investment by reducing the level of financial asset allocation of digital enterprises, that is, financial asset allocation exerts intermediary effect between the “Internet +” strategy and the innovative investment of digital enterprises.Further research divides innovation investment into exploratory and exploitative discovery, and we find that the “Internet+” strategy can promote digital enterprise exploratory innovation investment and inhibit utilization innovation investment.At the same time, the level of financial asset allocation can not play the intermediary effect between the “Internet+” strategy and enterprise exploratory innovation, but it has cover effect between the “Internet +” strategy and the utilization-based innovation investment.According to the test of the “reservoir” and “substitution” motivation of financial asset allocation, it is found that the “Internet +” strategy can alleviate digitalization enterprise’s “reservoir” motive, but has no obvious influence on the “substitution” motive.In addition to enriching theoretical research on Internet and innovation, this paper can provide experience and empirical support to better develop Internet economy, rationally allocate financial assets of digital enterprises and optimize innovation investment.#br#This paper has the following three marginal contributions.(1) Most of the existing researches on the impact of Internet on enterprise innovation investment are from the perspective of Internet development degree, and rare research are from the perspective of the implementation of “Internet +” strategy and financial asset allocation of digital enterprises.This paper takes the implementation of “Internet +” strategy as the subject natural experiment and examines the influence relationship and path mechanism among “Internet +” strategy, digital enterprise financial asset allocation and innovation investment, which can enrich the research on the relationship between Internet development and enterprise innovation investment.(2) This paper further subdivides innovation investment into exploratory innovation investment and exploitative innovation investment, investigates the influence of “Internet +” strategy and financial asset allocation on innovation investment of digital enterprises, and further deepens and expands the research on the economic consequences of the implementation of “Internet +” strategy.(3) By comparing the “Internet +” digital enterprise financial asset allocation strategy, and the relations among innovation investment in the group of high revenue and low revenue, high diversity of financing constraints and low financing constraint group, inspection “Internet +” strategic “reservoir” of the financial asset allocation to the digital enterprise motivation and the influence of “alternative” motivation, this paper provides corresponding theoretical guidance and policy suggestions to better develop Internet economy, rationally allocate financial assets of digital enterprises, and optimize the innovation investment.#br#