| 财务冗余、股权集中度与企业产品创新——基于高科技上市公司的实证数据 |
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| 引用本文：刘端，陈诗琪，王雅帆，陈收.财务冗余、股权集中度与企业产品创新——基于高科技上市公司的实证数据[J].财经理论与实践,2019,(3):81-87 |
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| 中文摘要:以2007-2014年我国高科技上市公司为研究样本，基于资源基础论和委托代理理论，实证检验不同类型财务冗余对企业产品创新的作用，并引入股权集中度，研究其如何调节不同类型财务冗余对产品创新的作用。研究发现：可利用财务冗余有利于企业产品创新的推进；而潜在财务冗余却对企业产品创新产生负向影响，即负债率越高，潜在财务冗余越低，企业越倾向于实施产品创新；且股权集中度增强了可利用财务冗余对企业产品创新的促进作用，但也放大了潜在财务冗余产生的负向影响。 |
| 中文关键词:财务冗余 产品创新 股权集中度 高科技上市公司 |
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| Financial Slack, Ownership Concentration and Product Innovation ——An Empirical Research Based on Chinese Listed High-tech Firms |
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| Abstract:Because of high uncertainty of product innovation activities, the allocations of financial resources have their specific requirements. Based on the resource-based view and the agent theory, we use the data of Chinese high-tech listed companies to examine the effect mechanism between different financial slack and firms' product innovation firstly. Then we introduce ownership concentration to study how the effect mechanism can be altered. Our results show that different types of financial slack have different influence to product innovation activities: the available financial slack can be used to promote product innovation, while potential financial slack has a negative impact on product innovation, that is, the higher the debt ratio, the lower the potential financial slack, the more obvious the product innovation activities. These relationships are affected by corporate ownership concentration, for we find that equity concentration significantly enhance the positive effect of available financial slack and the negative impact of potential financial slack on product innovation. |
| keywords:financial slack product innovation ownership concentration high-tech firms |
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