| With the introduction of the 14th Five-Year Plan,the requirement of enterprise technology innovation capability is once again raised to a higher level.The 14 th Five-Year Plan of National Economic and Social Development of the People’s Republic of China and the Outline of Vision 2035 clearly point out that more policies will be introduced during the 14 th Five-Year Plan period to stimulate enterprises to expand R&D expenditures,improve enterprise innovation system and help enterprises to transform,etc.As China is currently in a period of economic transformation,enterprises are not only driven by external policies,but their own business development strategies are also of paramount importance.In particular,the impact of the epidemic on the economy and the complex economic situation abroad,the gross profit margin of the real enterprise is decreasing,how to successfully carry out innovation activities,increase the investment in research and development funds,so as to improve the innovation ability of enterprises,improve the production and operation efficiency,expand the market share and improve the competitiveness in domestic and foreign markets has become a problem that enterprises need to face.At the same time,as the state continues to regulate the real estate industry,making the real estate industry investment fever gradually decline,compared to real estate investment,financial asset allocation threshold is relatively low,the capital is more active.The continuous maturity of the financial market,the continuous improvement of the system,and the continuous updating of the types of financial investment products are increasingly attractive to enterprises to allocate financial assets in order to obtain higher investment income income.The phenomenon of financial asset allocation by real enterprises is becoming more and more common,and the high yield and high liquidity of assets in the financial market will,to a certain extent,relieve the financing pressure of enterprises and thus provide financial support for their innovation.However,it is a matter of concern whether the allocation of capital to financial assets will affect the R&D investment and innovation output of enterprises with limited capital.Therefore,the focus of this thesis is on the impact of financial assets allocation on R&D investment and innovation output of real enterprises,and the high-growth GEM enterprises are selected as the object of this empirical analysis,and a dynamic panel model is constructed for the empirical study.The first part introduces the background and significance of the study,compares domestic and foreign research literature,summarizes the findings of domestic and foreign scholars,explains the environmental changes faced by the allocation of financial assets of real enterprises in China and the urgent need for Chinese enterprises to continuously innovate and develop under the pressure of promoting technological innovation at home and abroad,and proposes the necessity of studying the impact of the allocation of financial assets of real enterprises on enterprise innovation.The thesis further presents the research ideas and contents,research methods,and innovation points and shortcomings of this thesis by combing and summarizing the previous domestic and foreign related literature exploring the allocation of financial assets of real enterprises and enterprise innovation.The second part is the theoretical analysis.Firstly,the concepts of financial asset allocation of real enterprises and enterprise innovation inputs and outputs are explained.Secondly,this thesis analyzes the mechanism of the impact of financial asset allocation of real enterprises on enterprise innovation by using financing constraint theory,reservoir effect theory and management defense theory in turn.The analysis shows that,on the one hand,the allocation of financial assets by real enterprises can ease the financing pressure and improve the liquidity of funds,which will reduce the financial constraints faced by enterprises in the process of innovation and promote enterprise innovation.On the other hand,from the perspective of management defense,management’s short-sighted behavior may make enterprises allocate too much capital to financial assets,which will have the effect of crowding out resources under a certain total amount of capital,affecting enterprises’ innovation R&D expenditure and thus inhibiting enterprise innovation.The third part is an analysis of GEM enterprises’ financial assets allocation and their innovation development,which includes an analysis and summary of the development trend of enterprises’ financial assets allocation and allocation characteristics and an analysis of their innovation from two perspectives of enterprises’ innovation input and innovation output.The fourth part is an empirical analysis of the impact of financial asset allocation of GEM enterprises on their innovation.Firstly,this thesis constructs a dynamic panel model to study the impact of GEM enterprises’ financial asset allocation on their innovation,and uses GEM enterprises from 2011 to 2021 as the research object of this thesis for benchmark model analysis.Secondly,the thesis further explores the variation of financial asset allocation affecting GEM firms’ innovation from the perspective of heterogeneity of GEM firms in terms of size,ownership and executive concurrent appointments.It is finally concluded that the allocation of financial assets of listed firms negatively affects the innovation input as well as the innovation output of firms,and that the increase of the sales ratio of top five customers of listed firms will weaken the negative impact of the allocation of financial assets of real firms on the innovation of firms.Finally,the robustness tests are conducted using the alternative variables method and the sample subinterval estimation method to ensure the robustness of the empirical findings.The fifth part is the conclusion and recommendation.Based on the above theoretical analysis and empirical findings,relevant policy recommendations are proposed. |
