The Impact of Different Financial Resource Misallocation on Innovation Input of Companies
Under the background of the side structural reform to enhance the financial service entity economy,the paper takes the panel data of listed manufacturing companies from 2011 to 2020 as the sample.The empirical study finds that,in general,the financial resource misallocation has an inhibitory effect on the innovation input of enterprises,and this in-hibitory effect is mainly caused by the under supply misallocation.The influence mechanism of different types of financial resource misallocation on innovation input is different.Financing constraint and rent-seeking activity have mediating effect on the influence of under supply misallocation on innovation input.However,the influence of financing constraint and financial asset investment have cover effect on the influence of over supply misallocation on innovation input.Under supply misallocation has a significant inhibitory effect on the quality of innovation input reflected by different types of pa-tents.The over supply misallocation has no significant inhibiting effect on invention patents and utility model patents,but it has a promoting effect on design patents.The higher the degree of under supply misallocation,the more conducive to the improvement of innovation input on future performance;The higher the degree of over supply misallocation,the lower the sensitivity of future performance to innovation input.
万方数据
维普
