Influence of enterprise financial flexibility on innovation performance:thinking based on the role of non-efficiency investment intermediary
Using the 2016-2020 data of high-technology enterprises listed in Shanghai and Shenzhen cities in China as the research sample,the empirical analysis is used to explore the impact of financial flexibility on innovation performance of enterprises under the mediating role of inefficient investment.The empirical study finds that:financial flexibility can alleviate firms'underinvestment behaviour,and appropriate reserve financial flexibility has a catalytic effect on improving firms'innovation performance;Excessive financial flexibility will intensify overinvestment behaviour,which in turn leads to the problem of inefficient investment.Inefficient investment reduces innovation performance,and plays a mediating role between financial flexibility and innovation performance.Properly reserving financial flexibility has a positive effect on reducing inefficient investment and improving the innovation performance of enterprises.
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