Research on the Impact of Financial Flexibility and R&D Investment on Innovation Performance——Empirical Study on the New Energy Vehicle Industry Chain
Since 2016,there has been a gradual decline in financial subsidies for new energy vehicles,potentially posing financial risks to enterprises.Consequently,business leaders have placed greater emphasis on managing financial flexibility.This flexibility is primarily evidenced by a company's cash holdings and its remaining debt capacity.By maintaining financial flexibility,companies can respond flexibly to the funding needs for R&D innovation.This article has chosen 103 listed companies from the new energy vehicle industry chain of the Shanghai and Shenzhen A-shares markets,spanning the years from 2016 to 2022,as research samples.It then establishes a multiple regression model to analyze the relationship between financial flexibility and R&D investment.The study aims to investigate whether new energy vehicle companies can enhance their R&D innovation through effective financial flexibility management.The findings reveal that enterprises'utilization of financial flexibility management positively impacts their innovation performance,and R&D investment serves as a mediating factor in this relationship.This article theoretically enhances the understanding of financial flexibility's role in boosting innovation performance among new energy vehicle enterprises,offering theoretical insights that can assist enterprises in effectively leveraging financial flexibility to strengthen their research and development innovation capabilities.
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