Research On The Relationship Between Fiancial Slack And Innovation Efficiency Of Manufacturing Industry Under Dynamic Environment Regulation

After the financial crisis,the manufacturing industry of our country is facing the international pressure of "manufacturing return" and "re-industrialization" in the developed countries and the double pressure of the local weakening of the traditional manufacturing industries caused by the increase of labor cost and resource cost.Faced with the dual competitive pressures at home and abroad and the "grand shuffling" of global manufacturing industry,China's manufacturing industry must reposition itself to speed up the transition from making a big country to building a powerful nation and creating a powerful nation.To achieve this transformation,innovation is undoubtedly the most scientific The most correct long-term choice.Under the guidance of a series of national innovation policies and the supply-side reform,China's manufacturing industry needs to make its transition from micro to macro through continuous innovation from the inside to the outside.Due to the development of the digital economy and knowledge-based economy,the manufacturing market environment is complex and changeable.In the dynamic environment,due to the imperfect capital market,financing constraints and the risk of R &D investment itself,the manufacturing industry suffers from external financing a lot of restrictions,in order to avoid interruption of R & D investment,and out of the cost of capital considerations,financial slack as an internal financing channel is particularly important.Therefore,this paper breaks through the existing research on the innovation efficiency of manufacturing industry,considers the ability of internal resources acquisition and utilization,and studies the innovation efficiency of manufacturing industry from theperspective of financial slack.Whether the financial slack will affect the innovation efficiency of manufacturing industry and what kind of influence mechanism exists and how the relationship between the two will be affected by the dynamic of the environment are the important issues to be solved in this article.First of all,this paper summarizes the previous studies from the aspects of financial slack,the dynamic connotation of the environment and its impact,the impact of R& D investment on innovation efficiency and innovation efficiency,analyzes the current research status and shortcomings,and introduces the basic theory of resources,Optimal Capital Structure Theory,Organizational Behavior Theory and Principal-Agent Theory,to discuss the feasibility of the topic selection and to put forward corresponding research hypotheses.Then,the 758 samples of listed companies in manufacturing industry from2009 to 2015 were selected as the research samples.Regression analysis and Malmquist index method were used to establish the regression model and efficiency measurement model,and the research hypothesis was tested empirically.Finally,the article concludes the research based on the empirical results,and analyzes the current situation based on the analysis of the problems.It puts forward the pertinent suggestions to solve the problems from four aspects: financial guarantee,strategic flexibility,resource allocation and technical support.Empirical tests show that:(1)The relationship between financial slack and R &D investment is constrained by the size of enterprises.Under large enterprises,the two are mainly inverted U-shaped,while small and medium-sized enterprises mainly present "N" type;(2)The dynamic of environment will make enterprise managers tend to use financial slack more for R & D investment,resulting in the year-by-year improvement of China's manufacturing innovation efficiency;(3)The efficiency of China's manufacturing innovation is increasing year by year There are many problems such as waste of resources,unreasonable scale and inadequate application of new technologies.(4)To ensure the continuous improvement of enterprise innovation efficiency,it is necessary to maintain a proper investment in R & D.Once the optimal demand for scale and technology is exceeded(5)Therefore,the relationship between financial slack and innovation efficiency presents a complex nonlinear relationship.Enterprises need to reasonably grasp the financial internal stock of the enterprise and make it reasonable Used in R & D investment to ensure that enterprises improve the efficiency of innovation.The article breaks through the previous research on innovation efficiency,studies theinnovation efficiency of manufacturing industry from the perspective of financial slack,and introduces the environment,research findings and research proposals.It enriches the research on financial slack and innovation efficiency in theory and practice,Industry innovation efficiency to make modest.