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| The Impact of Enterprise Financial Asset Allocations on Ambidextrous Innovation |
| Wan Xuxian,Wang Hong,He Jia |
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Abstract This paper takes samples of nonfinancial listed companies from 2014 to 2016 to study the impact of different types of financial asset allocation on ambidextrous innovation, and examine the "moderating effect" of executive incentive on the relationship between financial asset allocation and ambidextrous innovation. Then, we conduct further tests based on the heterogeneity of property rights. In robustness testing, we introduce the ITCV to measure whether endogeneity changes the results of regression. Empirical results are shown as follows: (ⅰ) Shortterm financial asset allocation has no "reservoir effect" on ambidextrous innovation.(ⅱ)longterm financial asset allocation has a "crowdingout effect" on exploratory innovation. In addition, the "crowedout effect" of longterm financial assets on exploitative innovation is influenced by property heterogeneity. (ⅲ)Compared with developmentbased innovation, the "crowedout effect" of longterm financial assets on exploratory innovation is more significant. (ⅳ)In the stateowned companies, equity incentive is helpful to weaken "crowedout effect", while the "moderating effect" is inconspicuousness in nonstateowned companies. (ⅴ)Compared with exploratory innovation,the "moderating effect" of Salary incentive which will weaken the negative relationship between longterm financial assets and exploitative Innovation investment is more significant.
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| Fund:国家社会科学基金项目（17BJY176） |
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