财务柔性对制造业上市公司研发投入的影响分析

李玲 孙歆月

摘 要：制造业上市公司的研发投入作为企业技术和知识的主要来源，更是企业创新发展的重要源泉。将分析师关注纳入研究框架，采用2016—2018年A股制造业上市公司的数据，通过构建多元回归模型，探究财务柔性对企业研发投入的影响。实证研究结果显示，财务柔性对企业研发投入具有促进作用。当企业存在分析师关注时，财务柔性对企业研发投入的促进作用更显著。进一步研究发现，对国有企业而言，存在分析师关注时，财务柔性无法显著地促进企业的研发投入;而非国有企业的财务柔性对研发投入的促进更显著，特别是存在分析师关注的情况下。

关键词：财务柔性;分析师关注;研发投入;调节效应

中图分类号：F 275   文献标识码：A   文章编号：1672-7312（2021）01-0095-07

Analysis of the Impact of Financial Flexibility on R&D

Investment of Listed Manufacturing Companies

——Regulatory Effect Based on Analyst Attention

LI Ling，SUN Xinyue

（College of Management，Xian University of Science and Technology，Xian 710054，China）

Abstract：As the main source of enterprise technology and knowledge，the R&D investment of listed manufacturing companies is also an important source of enterprise innovation and development. This article incorporates analyst attention into the research framework， using data from A-share manufacturing listed companies from 2016 to 2018， and building a multiple regression model to explore the impact of financial flexibility on corporate R&D investment. The empirical research results show that financial flexibility can promote R&D investment of enterprises. When a company has analysts attention， financial flexibility has a more significant role in promoting R&D investment. Further research found that for state-owned enterprises， financial flexibility cannot significantly promote R&D investment when analysts are concerned; financial flexibility of non-state-owned enterprises promotes R&D investment more significantly， especially when analysts are concerned under.

Key words：financial flexibility;analysts attention;R&D investment;moderating effect

0 引言

隨着近年来新型行业的兴起和国内外环境的发展变化，我国的经济发展步入了关键的转折阶段。面对新的机遇与挑战，制造业发展速度也逐渐放缓，依靠要素驱动带来的竞争优势逐渐消失，自主创新能力不足成为制约我国制造业可持续发展的核心问题。而企业的研发投入是企业技术积累与知识储备的主要途径，更是企业创新发展的重要源泉。因此，为了促进制造业的进一步发展，加大和保持制造企业的研发投入就显得尤为重要。而研发投入作为企业创新重要的经济支撑，投入不足势必影响创新能力的提高。企业只有有效配置财务资源，使其保有合理的财务柔性，从而保障现金流的稳固并提高企业的投融资水平，才能为企业的研发投入及时补充血液。……