企业财务柔性政策对创新效率的影响——来自经济新常态背景下的经验证据

摘要 采用2012—2015年沪深A股上市公司面板数据，通过优化后的OPSW模型分析了财务柔性政策对企业创新效率的影响。研究表明:财务柔性政策可利用其既有的诸如低成本获取财务资金等能力的发挥，显著地提升了企业的创新效率;区分具体财务柔性政策后，发现综合财务柔性政策相较于现金和负债柔性政策而言，更为显著地提升了企业创新效率;在市场化程度因素作用下，高(低)市场化程度地区企业采用“高现高负(高现低负)”配比型综合柔性政策更具提升优势。
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.