| Innovation is the first driving force for development,and our country is now in a new stage of accelerating the implementation of the innovation-driven development strategy.Enterprises are the main body of innovation,especially high-tech enterprises more rely on innovation to obtain market competitive advantage,but because of the lack of innovation motivation,the irrational utilization of resources and other reasons,the development of Chinese enterprises’ innovation activities is not satisfactory.Because of the high investment in innovation activities,capital restricts the development of technological innovation activities of enterprises to some extent.When an enterprise has abundant financial redundancy,in order to improve the utilization efficiency of resources,managers are likely to put financial redundancy into innovation activities to gain competitive advantages.Therefore,this paper focuses on the influence of financial redundancy on enterprise innovation performance,aiming at providing more theoretical and practical guidance for the innovation development of Chinese enterprises.As an important guarantee for innovation development,intellectual property system has constructed a good system environment for enterprise innovation development.Building intellectual property power is the top-level design of our country for realizing innovationdriven strategy.Therefore,when studying the relationship between financial redundancy and innovation performance,we should fully consider the influence of the construction of intellectual property power on the innovation and development of enterprises.Since the Opinions on Strengthening Intellectual Property Protection issued by The State Council in2019,strengthening intellectual property protection has become an important part of the construction of China’s intellectual property power.Therefore,this study introduced intellectual property protection as a moderating variable to more comprehensively and scientifically reveal the mechanism of financial redundancy on enterprise innovation.This study selected the data of 260 A-share listed high-tech enterprises from 2016 to2020 as the research object.Through theoretical analysis and empirical test,the following conclusions were drawn:(1)Cash redundancy and debt redundancy were positively correlated with enterprise innovation performance;(2)R&D investment plays a partial mediating role between cash redundancy and innovation performance,and a complete mediating role between debt redundancy and innovation performance;(3)Intellectual property protection has a positive moderating effect on the relationship between cash redundancy and innovation performance,but has an insignificant moderating effect on the relationship between debt redundancy and innovation performance;(4)Compared with the central and western regions,the intensity of intellectual property protection in the eastern region has a more obvious adjustment effect;(5)Compared with non-state-owned enterprises,the intensity of intellectual property protection has a more obvious regulating effect on state-owned enterprises.This paper enriches the relevant research on financial redundancy and innovation performance,explores the influence of R&D investment and intellectual property protection on the relationship between them,and puts forward countermeasures and suggestions based on the research conclusions.Specifically,enterprises should pay attention to the accumulation of financial redundancy,and make full use of financial redundancy to increase R&D investment and promote the improvement of enterprise innovation ability.The government should provide sufficient financial policy support,refine financial support measures,and implement differentiated intellectual property policies according to regional characteristics to improve the intensity of intellectual property protection,so as to provide a more effective external support environment for the innovation and development of enterprises. |
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