| 摘要: |
| 企业如何缓解融资难并实现可持续性创新发展是当前亟待解决的问题。本文基于信息不对称理论与开放式创新理论，以2015－2019年我国高新技术企业为研究对象，探讨融资约束、创新开放度与企业创新持续性之间的关系。研究发现：外源融资约束和内源融资约束均对企业创新持续性产生负向影响；创新开放度对外源融资约束与企业创新持续性之间的关系具有负向调节作用，但对内源融资约束与企业创新持续性之间的关系不具有调节作用；处于不同生命周期阶段的企业，内外源融资约束对企业创新持续性的影响存在异质性，创新开放度的调节作用也存在差异。 |
| 关键词: 关键词：外源融资约束；内源融资约束；创新持续性；创新开放度 |
| DOI： |
| 分类号:F270.3 |
| 基金项目:基金项目：国家社会科学基金项目“高校毕业生就业质量态势及提升政策体系研究”（BIA170206）。 |
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| Research on the Impact of Financing Constraints on Innovation Sustainability——Regulatory Effect Based on Innovation Openness |
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SHI Shu-tao，ZHANG Wu-xin
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（Zhengzhou University of Aeronautics School of Business）
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| Abstract: |
| How to alleviate the financing difficulties and achieve sustainable innovative development is an urgent problem to be solved.Based on information asymmetry theory and open innovation theory，this paper takes China’s high-tech enterprises from 2015 to 2019 as the research object to explore the relationship between financing constraints，innovation openness and enterprise innovation sustainability.It is found that both external financing constraints and internal financing constraints have a negative impact on enterprise innovation sustainability；Innovation openness negatively regulates the relationship between external financing constraints and enterprise innovation sustainability，but does not regulate the relationship between internal financing constraints and enterprise innovation sustainability；For enterprises in different life cycle stages，the impact of internal and external financing constraints on enterprise innovation sustainability is heterogeneous，and the regulatory effect of innovation openness is also different. |
| Key words: Key words：External Financing Constraints；Intrinsic Financing Constraints；Innovation Sustainability；Innovation Openness |
