| Issue |
E3S Web Conf.
Volume 253, 2021
2021 International Conference on Environmental and Engineering Management (EEM 2021)
|
|
|---|---|---|
| Article Number | 03047 | |
| Number of page(s) | 6 | |
| Section | Environmental Equipment Engineering Management and its Technical Application | |
| DOI | https://doi.org/10.1051/e3sconf/202125303047 | |
| Published online | 06 May 2021 | |
Research on the Impact of Financial Flexibility on Innovation Investment from the Perspective of Institutional Ownership
College of Economics and Management Harbin Institute of Technology Weihai, China
a Corresponding author: handongping@hit.edu.cn
b Corresponding author: lijinghiter@163.com
c Corresponding author: zhangmengwen1222@126.com
Uncertainty in the business environment brings many challenges and opportunities to enterprises. This paper studies the impact of financial flexibility on innovation investment from the perspective of institutional ownership, using data of A-share high-tech enterprises from 2014 to 2018 as the empirical analysis sample. The results show that financial flexibility can promote innovation investment. Moreover, compared with state-owned enterprises, cash flexibility plays a more significant role in promoting non-stateowned enterprises, while debt flexibility only promotes innovation investment in non-state-owned enterprises. Through further research, it is found that the size of institutional investors’ shareholding has the positive moderating effect on the relationship between financial flexibility and innovation investment. In addition, non-independent institutional investors’ shareholding plays a negative role in regulating the impact of financial flexibility on innovation investment.
© The Authors, published by EDP Sciences, 2021
This is an Open Access article distributed under the terms of the Creative Commons Attribution License 4.0, which permits unrestricted use, distribution, and reproduction in any medium, provided the original work is properly cited.
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