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本文基于2010~2015年创业板上市公司微观数据,实证分析融资约束视角下非沉淀性冗余资源对创新投资的平滑效应。结果表明:(1)企业创新投资活动存在融资约束;(2)非沉淀性冗余资源具有平滑创新投资的作用,避免了创新投资波动带来的高额调整成本,保证了创新的可持续性;(3)融资约束越严重平滑作用越凸显。
Based on the micro-data of GEM-listed companies from 2010 to 2015, this paper empirically analyzes the smoothing effect of non-precipitated redundant resources on innovation investment from the perspective of financing constraints. The results show that: (1) there are financing constraints in the innovation investment activities of enterprises; (2) non-precipitation redundant resources have the function of smooth innovation investment, avoiding the high adjustment costs brought by the fluctuation of innovation investment and ensuring the sustainability of innovation ; (3) the more serious the financing constraints the more prominent the role of smooth.