Research On The Influence Of Organizational Slack On R&D Investment

With the increasingly fierce market competition and diversified development of corporate management,technological innovation has become the foundation of the long-term development of high-tech enterprises,playing an important role in enhancing corporate competitiveness,improving corporate economic efficiency and enhancing long-term corporate value.Whether it is the business activities or investment activities of enterprises,they need corresponding resources to support them,especially R&D investment activities full of risks and uncertainties.It is a continuous investment that requires a lot of resources.Due to the high risk of R&D activities,the revenue is lagging and there is a serious problem of information asymmetry.R&D investment is limited through external financing channels,mainly relying on the accumulation of resources within the enterprise.Due to the above characteristics of R&D investment,enterprises are faced with the dilemma of financing constraints.In addition to the necessary external resource support,redundant resources within the enterprise can also be used as a source of resources for enterprise innovation activities,especially in the case of limited external financing available to enterprises.Under the transformation,the use of internal redundant resources to support R&D investment to enhance the efficiency of the use of enterprise resources.The purpose of this paper needs to find out whether the organization's slack resources can play an active role,alleviating the financing constraints faced by enterprises,and promote the R&D investment of high-tech enterprises.The enterprise managers find a way to reduce the redundant resources of enterprises.It is allocated to the R&D investment that is vital to the development of high-tech enterprises,solves the financing constraints faced by R&D investment,and avoids the huge adjustment cost brought by the R&D disruption,thus effectively ensuring the continuous advancement of R&D.The possible innovation of this paper is to incorporate the financing constraint variables into the research of organizational slack and R&D investment and expound the mechanism of organizational slack affecting financing constraints,and it is more in line with the research purpose of this paper in the measurement of indicators,in view of high-tech enterprises.The industry characteristics make the research conclusions more reasonable and provide favorable support for the positive role of organizational slack.In view of paper,this paper uses China's Shanghai and Shenzhen A-shares in 2012-2016 high-tech enterprises listed companies as research samples,including electronics,information technology and pharmaceutical industries,in which the processing of research and development input data lags behind,trying to test the organization The impact of organizational slack on R&D investment,and the use of the mediation effect model to further verify how organizational slack affects R&D investment behavior of enterprises.Empirical research has found that:(1)Unabsorbed slack and absorbed slack in organizational slack will significantly promote the R&D investment behavior of enterprises,but the effect of absorbing slack is stronger;(2)The relationship between organizational slack and financing constraints is negatively correlated,which helps to alleviate the financing constraints faced by enterprises;(3)Part of the positive effect of organizational slack on enterprise R&D investment is achieved through financing constraints,that is,financing constraints play a partial intermediary role between the two.The above regression test results are still established after the robustness test.This paper enriches the related research on the economic consequences and impact mechanism of organizational slack.It is believed that from the company level:(1)increase the R&D investment intensity of high-tech enterprises,and high-tech should pay full attention to the importance of R&D activities for enterprise development.The management of the company should not be eager for quick success and should ensure sufficient and sufficient R&D investment intensity;(2)Make full use of the organizational redundancy existing within the enterprise,optimize and improve the redundant resource structure within the company,and pay attention to the impact of organizational slack on R&D investment and company growth;(3)Improve the management level of redundant resources of enterprises and improve The resource utilization efficiency of enterprises and the positive effects of organizational redundant resources on R&D investment of high-tech enterprises.From the government's perspective:(1)The government should actively pay attention to the financing constraints of high-tech enterprises' R&D investment;(2)promoting venture capital to participate in enterprise technology innovation activities and use social capital to expand financing channels for hightech enterprises;(3)The government has vigorously developed a multi-level capital market system,strengthened credit support for banks' R&D investment,and improved the corporate bond market.Enterprises should make rational use of redundant resources and maintaining moderate redundant resources can help improve enterprise flexibility and strategic adaptability.