Financial Slack?Equity Structure And Ambidextrous Innovation

At present,China is in a critical period of transition from high-speed development to high-quality development.As an important support in the key period of transformation of development mode,optimization of economic structure and transformation of growth momentum,innovation capability is the most urgent strategic task related to the national economy.R&D activities are not only conducive to the cultivation of enterprises' core competence and the formation of competitive advantages,but also an important carrier of the great rejuvenation dream of the Chinese nation and a strategic support for building China into a modern and new country.Therefore,the amount of investment in R&D innovation determines the innovation capability of enterprises.Therefore,it is of great theoretical and practical significance to study the impact of redundant resources on R&D investment from the perspective of internal corporate governance in order to improve the efficiency of resource utilization and innovation capability of enterprises.From the perspective of equity structure,based on the existing research on financial slack,equity structure and ambidextrous innovation,this paper takes resource-based view,technology innovation theory and principal-agent theory as theoretical support,explores the differences between financial slack and equity structure on ambidextrous innovation investment,and deeply analyzes the impact of equity structure on financial slack and exploration from the perspective of internal governance mechanism of enterprises.Regulating role of exploratory innovation input and exploitative innovation input.On the basis of theoretical analysis,this paper constructs a multiple linear regression model using the financial data of Listed Companies in China for five consecutive years from 2013 to 2017.It empirically tests the relationship among financial slack,equity structure and ambidextrous innovation input,and the regulatory effect of equity structure on financial slack and ambidextrous innovation input.The research finds that financial slack has different effects on different types of R&D investment,that is,financial slack significantly promotes enterprises' investment in exploratory innovation activities,while the level of investment in exploratory innovation is not significantly affected by the changes of financial slack resources;appropriate equity balance degree promotes enterprises' ambidextrous innovation and promotes exploratory innovation activities more significantly;equity concentration negatively regulates the relationship between financial slack and ambidextrous innovation investment,while equity checks andbalances have no significant effect.The results of further regression based on the nature of property rights show that as an important corporate governance mechanism,equity checks and balances positively regulate the relationship between financial slack and exploratory innovation investment in state-owned enterprises;in non-state-owned enterprises,external environmental effects replace internal governance mechanism,and the governance role of equity checks and balances is restrained.