Research on the Impact of Financial Flexible Reserve on the Innovation Performance of Listed Enterprises: Based on the Three-stage DEA and Threshold Model

The three-stage DEA model was used to test the innovation efficiency of 255 listed companies in China in 2015-2020, so as to obtain the relatively real innovation efficiency value after excluding environmental factors and statistical noise, and establish a threshold regression model to test the action mechanism of financial flexible reserve on the innovation efficiency of enterprises. Empirical results found: first, whether the whole sample of enterprises or different property rights enterprises, its adjusted innovation efficiency value has relatively decreased, and the adjusted efficiency value of non-state-owned enterprises is slightly higher than state-owned enterprises, prove that enterprise innovation under the influence of the environment presents the illusion of inflated efficiency, pure technical efficiency is underestimated, and scale efficiency is seriously overestimated. Second, In the second stage of SFA regression results, it was found that cash holding had a negative impact on all the four input relaxation variables, which was conducive to enterprise innovation. On the contrary, the enterprise size had a positive impact on all the four input relaxation variables. Thirdly, Financial flexible reserve has a double threshold effect on the innovation efficiency of enterprises, and with the increase of the strength of the financial flexible reserve range, its positive effect on the innovation efficiency of enterprises is also gradually weakened.