| In the overall modernization construction of our country,innovation development has great strategic significance.However,in recent years,the scale of financial assets allocation of non-financial enterprises gradually increases,which can bring short term high profits for enterprises,but may also occupy the funds used for innovative activities.Based on this,this paper selects the financial data of Chinese A-share non-financial listed companies from 2011 to 2021 as research samples for empirical test.First,this paper separately examines the impact of allocation of different types of financial assets on innovation input,and conducts a robustness test.Secondly,this paper introduces internal control as a moderating variable to test the moderating effect of internal control on different types of financial asset allocation and innovation input.Finally,the heterogeneity of the above studies is tested.The conclusions of this paper are as follows:(1)Overall financial asset allocation and long-term financial asset allocation of non-financial firms will inhibit innovation input;Short-term financial asset allocation will promote innovation investment.(2)Internal control can weaken the inhibition effect of overall financial asset allocation on innovation input,strengthen the promotion effect of short-term financial asset allocation on innovation input,but has no significant adjustment effect on long-term financial asset allocation.(3)The relationship between the allocation of various financial assets and innovation input in non-state-owned enterprises is the same as the result of principal regression,and internal control will weaken the overall allocation of financial assets and long-term financial asset allocation on innovation input,and strengthen the promotion effect of short-term financial asset allocation.The overall allocation of financial assets of state-owned enterprises has no significant influence on innovation input,long-term financial asset allocation will inhibit innovation input,short-term financial asset allocation will promote innovation input,and internal control has no significant adjustment effect.(4)The relationship between financial asset allocation and innovation input in low-growth enterprises is the same as the result of main regression,and internal control will weaken the promoting effect of short-term financial asset allocation on innovation input;Both the overall financial asset allocation and long-term financial asset allocation of high-growth enterprises will inhibit innovation input,while short-term financial asset allocation has no significant effect on innovation input,and internal control will weaken the inhibitory effect of the overall financial asset allocation on innovation input.Finally,according to the research results,this paper puts forward the following suggestions: enterprises should avoid short-sighted behavior,rational allocation of financial assets,strengthen and improve the internal control management system;Government regulators should improve the current situation of the real economy,establish and improve the management system of the financial market,assist enterprises to carry out innovation activities,and increase their innovation enthusiasm. |
