市场竞争、财务冗余与研发投入
Market Competition, Financial Slack and R&D Investment

制造业是国家经济命脉所系，制造业的核心就是创新。本文基于2015~2021年中国制造业上市企业的非平衡面板数据，实证分析了市场竞争与研发投入的关系，并检验了财务冗余资源的调节作用。研究发现：市场竞争程度的增强会促进企业的研发投入，可利用财务冗余和潜在财务冗余均能正向调节市场竞争与研发投入的关系，但潜在财务冗余的调节作用更加显著。在进一步分析中发现，相对于国有企业，市场竞争对研发投入的促进作用以及财务冗余的调节作用在民营企业中更加明显。研究结论为企业积极应对市场竞争、优化财务冗余资源配置从而促进创新提供了一定的理论指导。
Manufacturing is the lifeblood of the national economy, and the core of manufacturing is innovation. This paper empirically analyzes the relationship between market competition and R&D investment and tests the moderating effect of financial slack resources based on unbalanced panel data of listed Chinese manufacturing firms from 2015~2021. It is found that an increased degree of market competition promotes firms’ R&D investment, and both available financial slack and potential financial slack can positively moderate the relationship between market competition and R&D investment, but the moderating effect of potential financial slack is more significant. Infurther analysis, it is found that the promoting effect of market competition on R&D investment and the moderating effect of financial slack is more pronounced in private enterprises compared to state-owned enterprises. The findings of the study provide some theoretical guidance for firms to actively respond to market competition and optimize the allocation of financial slack resources so as to promote innovation.