Research On The Influence Of Financial Flexibility On Enterprise R&D Investment

With the deepening of innovation strategy,the development mode of Chinese enterprises has begun to change,and innovation strategy has become an important direction of enterprise competition.As an important representative of Investment Activities,R&D activities are related to the development of most enterprises in order to increase their value.Therefore,no matter for the current operation or future sustainable development,enterprises must strengthen the investment in R&D activities.Financial Flexibility is the embodiment of flexibility in financial management,and it plays an increasingly important role in business operation.Financial Strategy with flexibility is more important.Financial Flexibility is the enterprise in the increasingly complex and changeable market environment,according to external changes and their own needs to adjust the strategy,so as to be able to better deal with external shocks;Its main source is that the enterprise has a large amount of its own cash and a low level of debt,which can grasp the opportunity,reduce the financial risk of the enterprise,and improve the enterprise’s ability to resist the risk when coping with changes in the external environment,to achieve long-term and stable development goals.According to the existing research on financial flexibility at home and abroad,there are some empirical studies on innovation,but there are different conclusions,and the mechanism of the relationship between the two is rare.Therefore,on the basis of the existing research,this paper selects the variables of financing constraint and risk-taking level as the intermediary variables,and puts forward relevant hypotheses and constructs research models according to the main effect and mechanism research,through the empirical analysis of the data of a-share listed companies from 2008 to2020,this paper explores the impact of Financial Flexibility on the R&D process and the path through which the impact can be achieved.The results show that the R&D investment level changes positively with the financial flexibility,in which the financing constraint acts as an intermediary variable,and the risk-bearing level also plays an intermediary role in the relationship between the two,compared with state-owned enterprises,the effect of financial flexibility is more obvious in non-state-owned enterprises.Financial Flexibility can not only influence the R&D investment of enterprises,but also promote the enhancement of enterprise value,it can have a positive effect on R&D investment in two periods of delay,and the effect decreases gradually with the increase of delay period.Finally,according to the research results,the following countermeasures and suggestions are put forward:(1)Attaching importance to the role of financial flexibility and actively reserving financial flexibility;(2)Improve the capital structure and increase the level of risk-taking;(3)Choosing flexible policy reasonably and strengthening development consciousness.Through the analysis of this paper,on the one hand,we hope to expand the theoretical research on financial flexibility and R&D investment of venture enterprises,and on the other hand,we hope to promote enterprises to set up a reasonable flexible reserve consciousness and enhance its influence on R&D investment,to achieve long-term and stable development of enterprises.