管理决断权、财务柔性与企业技术创新

本文以2010-2018年沪深A股上市公司为研究对象,通过构建中介效应模型和有调节的中介效应模型,实证研究管理决断权对企业创新绩效的影响路径,以及CEO变更对管理决断权、财务柔性与企业创新绩效之间关系的调节效应。研究结果表明,提升管理层的管理决断权有助于促进创新绩效,而且财务柔性在管理决断权影响创新绩效过程中起不完全中介作用,存在"管理决断权水平高-→财务柔性水平高-→企业创新绩效高"的传导路径;CEO变更会正向调节财务柔性在管理决断权正向影响创新绩效中的中介效应,即存在有调节的中介效应。本文深化了管理决断权影响企业创新绩效的研究,对企业在CEO变更条件下建立和推动创新导向、增加研发投资以提升创新绩效具有重要的现实意义。

Managerial Decision-Making Power,Financial Flexibility and Corporate Innovation

This article analyzes the Shanghai and Shenzhen A-share listed companies from 2010 to 2018.By constructing a mediation effect model and a regulated mediation effect model,this paper empirically studies the role of management decision-making on corporate innovation performance,and the moderating effects of changing CEO on the relationship among management decision-making power,financial flexibility and corporate innovation performance.The research results show that improving management decision-making power helps to promote innovation performance,and financial flexibility plays an incomplete intermediary role in the process of management decision-making innovation performance.There is a transmission path from"high level of management decision-making"to"high level of financial flexibility"then to"high innovation performance in enterprises".Changing CEO will positively regulate the financial intermediation effect of management decision power that increases innovation performance,that is,there is a regulating intermediary effect.This article deepens the understanding about the impact of management decision on corporate innovation strategy,which is important for companies to establish and promote innovation orientation under the conditions of changing CEO,as well as to increase R&D investment to improve innovation performance.