| At present,China is facing major economic problems such as declining economic growth and industrial transformation and upgrading.It is experiencing a new normal of being driven by investment to innovation.Manufacturing is the core force of the real economy,but also the main carrier of innovation activities,and financial support has become a necessary condition for manufacturing innovation,transformation and upgrading.The misallocation of financial resources is the first problem that manufacturing enterprises need to face when carrying out innovation activities.For a long time,the technical efficiency of Chinese manufacturing enterprises is not satisfactory,especially the technical ability of manufacturing enterprises represented by total factor productivity has not achieved significant improvement.Inefficient resource allocation is the main reason for enterprises to deviate from the optimal technology choice,and financial resources misallocation has also become a typical feature of China’s production factor market.Since the Third Plenary Session of the 18th CPC Central Committee,with the deepening of mixed ownership reform,the ownership structure of Chinese enterprises has shown more diversified and mixed characteristics.To some extent,the characteristics of ownership structure reflect the soundness of modern enterprise system,which has positive significance for enterprises to deal with obstacles in the process of innovation.To break the barriers caused by financial resources misallocation in the process of enterprise innovation,In addition to carrying out external financial supply-side structural reform,in terms of internal enterprises,When enterprises are faced with financial resources misallocation,whether improving the enterprise system is conducive to enterprise innovation is also a topic to be studied urgently.Therefore,revealing the inner decision mechanism of financial resources misallocation on technology choice and innovation incentive of manufacturing enterprises,comprehensive analyzing the action mechanism of equity structure optimization,building mitigation pathways and solutions,become an important content of resource allocation system of innovation for Chinese manufacturing enterprise.It is also a necessary prerequisite for the effective implementation of the innovation-driven strategy.Based on this,this paper takes listed manufacturing companies from 2011 to 2020 as the research object,conducts an empirical study on the impact of financial resources misallocation on enterprise innovation and the mechanism of ownership structure on it.The paper tries to answer the following three main questions:First,what is the impact of financial resources misalloacation with enterprise innovation input?Second,what is the influencing mechanism of financial resources misalloacation with enterprise innovation input?Third,what ownership structure features are conducive to the improvement of the relationship between financial resources misallocation and enterprise innovation input?The main conclusions are as follows:(1)The financial resources misallocation has an inhibitory effect on the innovation input of enterprises,which is mainly caused by the under-supply misallocation:the higher the degree of under-supply misallocation,the stronger the inhibitory effect on the innovation input,while the over-supply misallocation has no significant effect.Further analysis shows that the impact of financial resources misallocation on the persistence of enterprise innovation basically continues the impact on innovation input.It is found that the under-supply misallocation has a significant inhibitory effect on any kind of innovation preference,and the inhibitory effect decreases with the innovation quality from high to low.Over-supply misallocation has no significant inhibitory effect on invention patents and utility model patents,but has a promoting effect on appearance design patents,indicating that low-quality innovation behavior is likely to be a catering strategic innovation choice for over-supply misallocation enterprises.Further attention was paid to whether different misallocation types of financial resources affected the sensitivity of innovation input and future performance.It is found that the higher the degree of under-supply misallocation,the more conducive to the promotion effect of innovation input on future performance.The higher the degree of over-supply misallocation,the lower sensitivity of future performance to innovation input.(2)Different types of financial resources misallocation have different ways of influencing innovation:Under-supply misallocation restrains innovation input mainly by aggravating financing constraint effect and rent-seeking crowding out effect,and financing constraint and rent-seeking activity show mediating effect in the influence of under-supply misallocation on innovation input.While over-supply misallocation promotes firm innovation input by alleviating financing constraint effect,it also inhibits innovation by exacerbating investment substitution effect,financing constraints and financial assets investment show covering effect in the influence of over-supply misallocation on innovation input.It is precisely because of the existence of these two opposite indirect effects that the total effect of over-supply misallocation on enterprise innovation input is obscured.(3)In this paper,the characteristics of enterprise ownership structure are expressed by the degree of ownership plurality and the degree of ownership mixing.The effects of financial resources misallocation and ownership structure on innovation input are examined.It is found that the increase of ownership plurality can not alleviate the inhibitory effect of financial resources misallocation on innovation input.However,the increase of equity mixing degree can significantly alleviate the inhibition of financial resources misallocation on innovation input,and this alleviating effect is more prominent in the over-supply misallocation enterprises.Under different property rights,equity mixing degree alleviates the inhibition of financial resources misallocation on innovation input,mainly plays a role in private enterprises with under-supply misallocation and state-owned enterprises with over-supply misallocation,and the alleviating effect is stronger in state-owned enterprises.Under different levels of financial development,the more developed the financial market is,the more effective is the alleviating effect of equity mixing degree on the inhibition of innovation input by financial resources misallocation.Further research shows that only on the premise of ensuring the status of controlling shareholders,the higher proportion of heterogeneous shareholders can help alleviate the inhibition of financial resources misallocation on innovation input.In terms of alleviating the inhibitory of financial resources misallocation on innovation input,institutional shareholders total holdings is more effective than single institution holding.The innovation of this paper are as follows:Firstly,it expands in the research on the influence of different types of financial resources misallocation on enterprise innovation.Based on the realistic situation in China,this paper focuses on the analysis and validation of different financial resources misallocation effect on enterprise innovation.It expands the research on the whole innovation chain of different financial resources misallocation from innovation input to high-quality innovation output and then to output benefit,and adds new empirical evidence for the research on the influencing factors of enterprise innovation.Secondly,it clarifies the influence path of the over-supply and under-supply misallocation of financial resources on enterprise innovation.This paper is based on micro enterprise perspective,from the financial resources in different types of misallocation,analyzes and reveals the influence path of financial resources misallocation on innovation.The conclusion provides comprehensive empirical evidence for understanding the path of financial resources misallocation on enterprise innovation behavior,and also provides policy enlightenment for studying the correction mechanism of financial resources misallocation in different enterprises.Thirdly,it enriches in the research on the adjustment effect of the economic consequences of financial resources misallocation from the perspective of micro enterprise property right system.In this paper,the new characteristics of the ownership structure of Chinese enterprises under the background of mixed-ownership reform are incorporated into the innovation value chain of enterprises under the situation of financial resources misallocation,it puts them in the same dimension and reveals the mechanism of action among them. |
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