Financial Slack?Equity Characteristics And Enterprise Innovation

In the era of rapid development of high technology,enterprises want to occupy a seat in the fierce market competition.It is necessary to pay more attention to the output of innovation achievement while strengthening the innovation investment.This is the key step to success.Compared with developed countries,China's enterprises lack innovative ability and core technology as a whole.The empirical results show that the amount of financial slack not only directly affects the input of innovation,but also significantly influences the output and quality of innovation.In addition,the innovation activity itself has high risk,and the process of investment recovery is relatively long.Therefore,it is also a strategic decision which is very easy to cause the conflict of stakeholders.There are differences in the intention of shareholder ownership with different characteristics,and the attitude will be different in the attitude of innovation investment.In particular,when more financial slack resources are accumulated in the early period of the enterprise,and there are many alternative investment options,the shareholders' differences of opinion will be more prominent in the choice of innovation.First of all,this article combs relevant literature.On the basis of summarizing the current research results,the main contents and objects of this study are introduced.The basic theory of resources is used to analyze the internal mechanism of financial slack and innovation.Second,the theory related to corporate governance is cited to analyze the regulatory effects of shareholdings of different characteristics on financial slack and innovation input and output.In order to verify the research hypothesis,this paper takes all A-share listed companies as the research object,and establishes a mathematical model to draw the conclusions of the paper.Finally,it proposes reasonable and feasible suggestions for relevant factors that affect innovation.The research methods include empirical analysis and theoretical analysis.On the basis of theoretical analysis,we use empirical analysis to test hypotheses.Taking all A-share listed companies as the research object,we use the "target law" for the financial slack and build the regression model to measure the financial slack after the regression model,and take it as an explanatory variable.The ownership proportion of the different ownership characteristics is used as the adjustment variable,and the influence innovation is analyzed on the basis of the previous research.Other factors are added to the model as control variables.Secondly,in the selection of innovation measurement methods,we should take two measures,innovation input and innovationproduction.In this paper,we use Stata12.0 to test the hypotheses in turn.The conclusion of this paper is that financial slack can not only promote the investment of enterprise innovation,but also significantly improve the output of enterprise innovation.However,the proportion of executive stock ownership will weaken the influence of financial slack on innovation.It will weaken the influence of financial slack on innovation,and for stable institutional investors,its shareholding ratio will strengthen the influence of financial slack on innovation.This study enriches the related literature research on financial slack,equity characteristics and innovation,and provides suggestions and countermeasures for the governance of the current capital market and listed companies in China.