The Influence Mechanism of Industry-Finance Integration on the Investment of Ambidextrous Innovation of Enterprises:Based on the Heterogeneity of Enterprise Size and Internal Control
Using the statistical data of Shanghai and Shenzhen A-share listed enterprises from 2009 to 2020,this paper empirically tests the relationship between the integration of industry and finance and the investment of ambidextrous innovation,investigates the path of the impact of industry-finance integration on exploratory innovation and developmental innovation,and discusses the heterogeneous impact of enterprise size and internal control on the relationship on two types of innovation strategy.The research shows that:(1)The industry-finance integration will inhibit the investment of ambidextrous innovation,and compared with the developmental innovation,its inhibition effect on exploratory innovation investment is stronger.(2)The industry-finance integration will lead to the increase of financial investment,induce the capital arbitrage motivation,and thus inhibit the investment of ambidextrous innovation.(3)Compared with the developmental innovation,enterprise size and internal control have stronger constraints on the negative relationship between industry-finance integration and exploratory innovation investment.Therefore,enterprises should choose the mode of industry-finance integration reasonably according to their own scale and development needs,enrich the innovation resource base of enterprises,and effectively improve the innovation willingness.Meamwhile,the government should also optimize the external financial environment and guide enterprises to treat industry-finance integration correctly.
industry-finance integrationambidextrous innovationenterprise sizeinternal control
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