Effect of Enterprises' Financial Flexible Policies on Innovation Efficiency ——Based on the Empirical Evidence in the Context of New Normal Economy

doi:10.15936/j.cnki.1008-3758.2018.01.006

Journal of Northeastern University(Social Science) ›› 2018, Vol. 20 ›› Issue (1): 36-43.DOI: 10.15936/j.cnki.1008-3758.2018.01.006

• Economics and Management • Previous Articles Next Articles

Effect of Enterprises' Financial Flexible Policies on Innovation Efficiency ——Based on the Empirical Evidence in the Context of New Normal Economy

FAN Sheng-ran^1,2， CHEN Zhi-bin¹， SHEN Lei³

(1. School of Economics & Management， Southeast University， Nanjing 211102， China; 2. Operations Management Department， China Zheshang Bank Co. Ltd.， Hangzhou 310006， China; 3. Investment Banking Department， Guo Yuan Securities Co. Ltd.， Hefei 230001， China)

Received:2017-04-06 Revised:2017-04-06 Online:2018-01-25 Published:2018-01-19
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Abstract

Abstract: Using the panel data of Shanghai and Shenzhen A-share listed companies from 2012 to 2015， the effect of enterprises' financial flexible policies on innovation efficiency is analyzed with the optimized OPSW model. The results show that financial flexible policies could make use of the existing low-cost access to financial capitals so as to promote the efficiency of innovation. By further distinguishing different financial flexible policies， it is found that the comprehensive financial flexible policy improves enterprises' innovation efficiency more significantly compared with cash and indebted flexible policies. Under the influence of marketization factors， enterprises in the regions of high (low) degree of marketization that adopt “high cash high debt (high cash low debt)” ratio have more advantage than taking comprehensive flexible policies.

Key words: new normal economy, financial flexibility, financing constraint, innovation efficiency

CLC Number:

F275

FAN Sheng-ran， CHEN Zhi-bin， SHEN Lei. Effect of Enterprises' Financial Flexible Policies on Innovation Efficiency ——Based on the Empirical Evidence in the Context of New Normal Economy[J]. Journal of Northeastern University(Social Science), 2018, 20(1): 36-43.

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Effect of Enterprises' Financial Flexible Policies on Innovation Efficiency ——Based on the Empirical Evidence in the Context of New Normal Economy

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