| Affected by the world economy and the reform and opening,our financial industry had leapfrog development.On the one hand,by investing in financial assets,real enterprises can obtain high returns on investment,making up for the shortcomings of low returns and long cycles of traditional investment projects.On the other hand,the characteristics of high return,low threshold and high flexibility of financial investment make some enterprises fall into the quagmire of speculation money cycle,crowding out part of the entity activities.Nowadays,the continuous evolution of the global epidemic situation and the complex and severe environment at home and abroad not only make enterprises think about how to hold assets to stabilize business operation,but also make them pay more attention to innovation to seek opportunities.Based on the heterogeneity of financial asset allocation structure,this thesis empirically studies the impact of short-term,long-term and overall financial asset allocation on firm innovation by taking non-financial listed companies in Shanghai and Shenzhen Stock Exchange from 2009 to 2020 as samples,and considers the differences brought by firm heterogeneity.Combined with the mediating effect of financing constraints and corporate cash flow risk,this thesis studies the influence mechanism between short-term and long-term financial asset allocation and corporate innovation.Through digital finance,bank competition and senior executives’ scientific research endowment,the moderating effects of these variables on financial asset allocation and firm innovation are studied.The results show that:(1)short-term financial asset allocation has a promoting effect on enterprise innovation,and the promoting effect on innovation of strategic emerging enterprises is greater than that of non-strategic emerging enterprises.From the perspective of overall financial asset allocation,this conclusion is also valid.Long-term financial asset allocation inhibits innovation of non-strategic emerging firms more than strategic emerging firms.(2)From the perspective of mechanism,short-term financial asset allocation can promote enterprise innovation by easing financing constraints,while the increase of long-term financial asset allocation will increase cash flow risk and inhibit enterprise innovation.(3)The development of digital finance,senior executives with scientific research endowment,and the increase of the proportion of senior executives with scientific research endowment all strengthen the positive influence of short-term and overall financial asset allocation on enterprise innovation,while weaken the inhibitory effect of long-term financial asset allocation on enterprise innovation.In the aspect of bank competition,with the intensification of bank competition,the promotion effect of short-term financial asset allocation on enterprise innovation is weakened,and the inhibition effect of long-term financial asset allocation on enterprise innovation is weakened.Due to the financial discrimination in the bank loan availability of non-state-owned enterprises and the scale division of banks,the intensifying competition between banks has a greater regulatory effect on financial asset allocation and enterprise innovation in non-state-owned enterprises. |
