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| The Impact of Strategic Difference on Enterprise Innovation Performance:The Mediating Effect of Financing Constraints and the Moderating Effect of Financial Flexibility |
| Gong Xingguo1,Lu Yao2,Lin Chunlei2 |
| (1.School of economics and management, Hebei University of Technology, Tianjing 300401,China;2.School of economics and management, YanShan University, QinHuangdao 066004,China) |
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Abstract At present, affected by the COVID-19 pandemic and the drastic changes in the world's economic structure, the global market is shrinking and trade protectionism is rising again. Therefore, the Chinese government proposes to build a new economic development pattern with the trait of domestic big cycle as the main body and domestic and international cycles promoting each other. Many enterprises are actively promoting strategic adjustment and transformation to obtain better development opportunities. In the process of integration and reconstruction of internal resources, strategy adjustments not only promote enterprise innovation, but also improve the understanding of innovation concept. According to the strategic balance theory, the enterprise strategy should be as different as possible from the industry conventional strategy within the scope of rationalization. The degree of strategic difference enhances the innovation motivation of enterprises to a certain extent, but at the same time, it may also bring business risks to enterprises, increase the degree of information asymmetry and agency costs, and lead to problems such as the worsening quality of accounting information, the timeliness of annual report disclosure and the decline of the accuracy of earnings prediction. The above problems have exacerbated the financing constraints of enterprises to varying degrees. In the absence of continuous financial support, the exploration activities and innovation attempts of enterprises are likely to be terminated directly. Therefore, most studies agree that it can promote the ability to carry out innovation activities by enhancing strategic difference. But will the innovation willingness and motivation generated by the degree of strategic difference be transformed into the innovation performance of enterprises? Are there some key financial factors that can alleviate the uncertainty between strategic differentiation and innovation performance? These questions are worth discussing.#br#This study selects A-share listed companies in Shanghai and Shenzhen as the research object, and takes 2012 as the starting research point. Considering the integrity of data and the lag effect of patent application, it takes 2019 is the ending time point. After screening the data, 15 352 sample data are obtained. By constructing a multiple linear regression model, this study tests the internal mechanism of strategic difference affecting innovation performance and the differential regulation effect of financial flexibility under stock-based compensation heterogeneity and property nature heterogeneity.#br#The results show that the strategic differentiation of listed companies has an inhibitory function on enterprise innovation performance, and the financial flexibility plays a moderating role. That is, the increase of strategic difference intensifies the financing constraints of enterprises, and the lack of financial resources causes the enterprises to fail to achieve the established innovation objectives and miss development opportunities. In this process, financial flexibility can alleviate the inhibitory function of strategic differentiation on enterprise innovation performance. From the perspective of financial flexibility, the preventive function of financial flexibility cushions the innovation risk. The utilization function of financial flexibility enables enterprises to find appropriate innovation opportunities and improve innovation performance. So, the cultivation of financial flexibility is the key factor in improving innovation performance in the process of improving strategic differentiation.#br#This study further analyzes the effective path for the company to enhance financial flexibility. It is found that stock-based compensation plans can enhance the moderating effect of financial flexibility in enterprise strategic differentiation and innovation. By reducing the first and second agency costs, the stock-based compensation plan alleviates the financing constraints of enterprises and makes the financial flexibility of enterprises play an efficient role. In enterprises different natures, there are obvious differences in the moderating effect of enterprise financial flexibility. For the political connection of state-owned enterprises, financing constraints have a weak impact on innovation performance. However, due to the phenomenon of "ownership discrimination", it is difficult for non-state-owned enterprises to obtain financial resources. In order to improve the degree of strategic difference, they need to cultivate their financial flexibility to change the inhibition of strategic difference on innovation activities.#br#
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Received: 23 February 2022
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