Will Innovation Investment in Agriculture-related Enterprises Improve Its Performance from the Perspective of Heterogeneous Financial Redundancy
Financial redundancy is crucial for optimizing the capital structure,R&D investment and innovation of agricultural enterprises due to its high liquidity assets.In this paper,we focus on the relationship between innovation input and performance of agriculture-related en-terprises,and incorporate financial redundancy into the analysis framework of traditional innovation and enterprise performance.We select 121 listed agriculture-related enterprises from 2010 to 2021 to build a double-fixed effect model,and empirically study the influence of financial redundancy on the performance of agricultural enterprises by regulating innovation investment.The results show that the innovation input positively affects the performance of agribusiness,and the effect of the innovation input on the performance presents a marginal decreasing trend.Available slack can enhance the promoting effect of enterprise innovation investment on the performance of heterogene-ous agricultural-related enterprises,and this moderating effect is significant at both high and low innovation investment levels and shows a marginal increasing law.Potential redundancy has no sig-nificant impact on the moderating effect between innovation investment and performance of agricul-tural enterprises.Further research has found that this moderating effect is only significantly negative when the property rights nature is private enterprises.Based on the above conclusions,this paper suggests that agriculture-related enterprises should increase available redundancy,opti-mize their capital structure based on the heterogeneity of enterprise attributes,reasonably determine the level of innovation investment to enhance the effectiveness of financial redundancy in regulating innovation in agricultural enterprises,reduce the inhibitory effect of potential redun-dancy on enterprise innovation,and achieve performance improvement in agricultural enterprises,assisting in the implementation of rural revitalization strategies.
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