Financial Flexibility?Managerial Ability And Innovation Performance

In the current era,innovation-driven has become an important part of the national macro strategy.With the advancement of the national innovation-driven strategy,innovation has become a difficult challenge for enterprises to overcome their strength and competitiveness.Although innovation is so important to companies,most companies,especially manufacturing and information technology companies,place more emphasis on innovation,but innovation performance has not improved significantly.How to effectively integrate and utilize the resources of all parties and promote the development and application of innovation activities has become an important issue that enterprises have to face.Therefore,innovation performance has become an important concern of the practical and theoretical circles.According to previous research,there are many factors affecting the innovation performance of enterprises,including macro level,such as national policy support,market competition level,industry characteristics,financial economic environment,legal environment,intellectual property protection level,etc.,as well as micro level factors,such as corporate executive characteristics,shareholding structure and equity ncentives,corporate governance and financing.After combing the literature,it is found that the financial flexibility has a certain divergence in the impact of financial resources on innovation performance.Some scholars believe that financial flexibility will promote the improvement of innovation performance.Some scholars point out that there is an inverted U-shaped relationship between financial flexibility and innovation performance.In addition,there is little research on the impact of management capacity on innovation performance in the literature.Therefore,this paper selects the hot research problem of innovation performance as the starting point,studies the impact of financial flexibility and managerial ability on innovation performance,and further explores the effect of managerial ability on the relationship between financial flexibility and innovation performance,which has certain practical significance and innovation.Based on the theory of technological innovation,human capital theory and principal-agent theory,this paper puts forward the internal mechanism of financial flexibility and managerial ability to influence innovation performance on the basis of summarizing the existing literature,and puts forward the research hypothesis.Further,this paper selects two industries with relatively frequent innovation activities,such as manufacturing and information technology industry.Taking the industry enterprises in 2013-2017 as the research sample and establishing a model for empirical analysis,the results show that:(1)financial flexibility plays an important role in enterprise innovation Performance.The improvement of financial flexibility can promote the improvement of corporate innovation performance.(2)The influence of managerial ability on innovation performance is significant.The higher the managerial ability,the higher the innovation performance.(3)The improvement of managerial ability can further promote the positive role of financial flexibility to promote innovation performance,improve the use of financial flexibility,and strengthen the positive role of financial flexibility.Through further research,it is found that the three conclusions are applicable in high-tech enterprises,but the regulating effect of managerial ability has not passed the significance test in non-high-tech Enterprises.In addition,The above three conclusions are applicable in under-investment enterprises,but in enterprises with excessive investment,managerial ability does not improve the positive role of financial flexibility.This paper puts forward relevant suggestions after considering the above empirical conclusions:Enterprises should pay attention to innovation and maintain risk awareness.They should maintain appropriate financial flexibility,maintain financial reserve resources to support innovation,and strengthen management building,improve managerial ability and improve innovation performance.The significance of this paper is to enrich the research on innovation performance and expand the research field of influence of managerial ability.