关键词: 财务柔性能力, 持续性创新, 协调创新效应, 自适应效应

Abstract: Based on the organizational theory of financial flexibility, using the micro-data of nonfinancial companies listed in China’s A-share from 2007 to 2017, this paper analyzes the effect of corporate financial flexibility on innovation sustainability from theoretical and empirical tests. It is found that corporate financial flexibility plays a positive role in promoting innovation sustainability. Furthermore, this paper explores two mechanisms-“coordinated innovation effect” and “adaptive effect” that may exist in financial flexibility. It is found that the financial flexibility of corporate reserves is able to effectively coordinate internal and external resources, release financing constraints while regulating their negative effect on innovation sustainability, and positively influence sustainable corporate innovation. Second, in the environmental uncertainty of different dimensions, enterprises can actively regulate their financial flexibility reserve, unleash the adaptive effect of financial flexibility in the dynamic environmental changes, positively promoting sustainable corporate innovation. The conclusions of this study are of important significance for improving corporate input in breakpoint or staged innovation, truly upgrading the independent research and development capabilities and quality of enterprises, and achieving the “quantity-quality balance” in innovation in China.

Key words: Financial Flexibility, Innovation Sustainability, Coordinated Innovation Effect, Adaptive Effect