Research On The Influence Mechanism Of Resource Mismatch On Enterprise Innovation

At present,the world is in a major upheaval that has not been seen in a century.Under the dual pressure of the pandemic and foreign technology lockdown,continuing to implement the innovation driven development strategy,mobilizing the enthusiasm of various innovation entities,and increasing innovation investment is the key to maintaining stable economic growth and breaking through the technology lockdown in China.As the main practitioners of innovation driven development strategies,enterprises have made outstanding contributions to national economic development and technological progress through scientific and technological development and innovation activities.However,currently,China’s economic structure is facing the dilemma of transformation and upgrading.Factors such as deficiencies in the financial system,inappropriate government policy intervention,and regional differences have led to serious resource mismatches for enterprises,which have constrained the development of innovation activities.This article explores the driving factors of innovation from resource mismatch,and explores the impact and transmission mechanism of capital mismatch and labor mismatch on enterprise innovation.It helps to deeply understand the constraints faced by enterprises in the innovation process,and provides direction and basis for Chinese enterprises to break through the technological innovation bottleneck currently faced in the process of high-quality economic development from a new perspective.It has important theoretical and practical significance.This paper selects the data of A-share listed companies in Shanghai and Shenzhen from 2011-2021 as the research sample,builds a mesomeric effect model based on the theory of resource allocation efficiency,term matching theory,high-level echelon theory and other theoretical foundations,and conducts empirical research using multiple regression method.The following conclusions are obtained:(1)Capital mismatch has a negative impact on enterprise innovation,and deepening labor mismatch can improve the level of enterprise innovation.(2)The "short term loan and long-term use" behavior of enterprises has a negative impact on innovation investment,and capital mismatch will lead to an increase in "short term loan and long-term use" behavior of enterprises,thereby inhibiting enterprise innovation;The improvement of human capital quality in management has a positive impact on enterprise innovation,and labor mismatch will promote enterprise innovation by improving the quality of human capital in management.(3)There is no significant difference in the impact of resource mismatch on enterprise innovation among different levels of high-quality economic development,but the degree of impact varies;There are significant differences in the impact between different industries;There is no difference in the impact between different equity properties and internal control levels."Short term loan and long-term use" has no mesomeric effect in leading regions with high-quality economic development and enterprises with low internal control,no mesomeric effect in chemical raw materials and chemicals,general equipment,medicine and automobile manufacturing,and mesomeric effect in other four industries;The quality of management’s human capital does not have a mesomeric effect in the backward areas with high-quality economic development and enterprises with low internal control,but plays a masking effect in state-owned enterprises.In the eight major industries,it only has a mesomeric effect in the electrical machinery and equipment manufacturing industry.This paper also verified the robustness of the regression results by replacing the explained variables,solving the endogenous problems with the 2SLS method,and changing the sample range.Finally,corresponding policy recommendations were proposed based on the research presented in this article.(1)The government should accelerate the market-oriented reform of the financial system and establish a sound financial market system;Deepen multi-level financial markets and enhance government service awareness;Expand the scale of education,accelerate the reform of the state-owned system,and improve the quality of human capital.(2)Banks should improve and improve the allocation system of credit resources,improve the level of competition and credit scale,alleviate financing constraints for enterprises,and increase the matching of investment terms for enterprises.(3)Enterprises should strengthen the construction of credit systems and information disclosure systems,establish sound talent introduction,management,and incentive mechanisms,and attach importance to employee training and exercise.