摘要
本文以2010~2020年A股上市公司为样本,实证检验了经营杠杆和企业创新之间的内在关系。研究发现:经营杠杆显著促进了企业创新投入和创新产出。拓展性分析表明,经营杠杆通过增加经营现金流、提高净利润促进企业创新;政府补助对经营杠杆与企业创新产出有显著正向调节作用,而对经营杠杆与企业创新投入作用不显著;在排除了财务杠杆的影响后,经营杠杆依然能够显著促进企业创新。本文结论丰富了经营杠杆经济后果的微观机制研究,也为合理利用经营杠杆和政府补助助力企业创新提供了参考。
This paper empirically examines the intrinsic relationship between operating leverage and corporate innovation using data from A-share listed companies between 2010 and 2020.The study finds that operating leverage significantly promotes both the input and output of enterprise innovation.Extensive analysis shows that operating leverage promotes enterprise innovation by increasing operating cash flow and net profit.Government subsidies have a significant positive moderating effect on operating leverage and enterprise innovation output.After excluding the impact of financial leverage,operating leverage can still significantly promote enterprise innovation.The research conclusions enrich the micro-mechanism study of operating leverage and provide references for leveraging operating leverage and government subsidies to facilitate corporate innovation.
出处
《财务研究》
CSSCI
2023年第6期90-99,共10页
Finance Research
关键词
经营杠杆
企业创新
政府补助
财务杠杆
operating leverage
enterprise innovation
government subsidies
financial leverage
作者简介
谭晖,长沙理工大学经济与管理学院博士研究生。
