财务柔性与企业研发投入——基于金融生态环境的调节作用
Financial Flexibility and Enterprise R&D Investment: The Regulatory Role —Based on the Financial Ecological Environment

本文综合运用理论分析和实证检验的方法，基于理论分析的基础，构建了财务柔性、企业研发投入与金融生态环境的理论模型。基于中国沪深A股2015~2019年上市公司的数据，运用STATA展开实证研究，检验变量间的关系及研究假设。实证结果表明，财务柔性与企业研发投入强度之间存在正相关关系，保持适当的财务柔性储备可以促进企业增加研发投入。另外，金融生态环境对财务柔性和企业研发投入强度之间存在正向调节影响，也就是说，一个优秀的金融生态环境能够进一步增强财务柔性对企业研发投入的推动作用。本研究的成果有助于深化对企业研发投入影响因素的理解，对于合理储备财务柔性、优化金融生态环境以及提高企业创新能力具有重大的参考意义。
This article comprehensively applies theoretical analysis and empirical testing methods, and based on theoretical analysis, constructs a theoretical model of financial flexibility, enterprise R&D investment, and financial ecological environment. Based on the data of listed companies in the Shanghai and Shenzhen A-shares of China from 2015 to 2019, an empirical study was conducted using STATA to test the relationship between variables and research hypotheses. The empirical results indicate that there is a positive correlation between financial flexibility and the intensity of R&D investment in enterprises. Maintaining appropriate financial flexibility reserves can promote enterprises to increase their R&D investment. In addition, the financial ecosystem has a positive moderating effect on the relationship between financial flexibility and the intensity of enterprise R&D investment. In other words, an excellent financial ecosystem can further enhance the driving effect of financial flexibility on enterprise R&D investment. The results of this study contribute to a deeper understanding of the factors influencing enterprise R&D investment, and have significant reference significance for reasonably reserving financial flexibility, optimizing the financial ecosystem, and improving enterprise innovation capabilities.