Abstract：The high adjustment cost makes the persistence of firm innovation really important for Chinese companies.Based on Tobin’s Q investment model,this paper analyses the smoothing function of organizational slack on innovation investment under the external financing constraints.Additionally,it discusses the different impacts of different types of organizational slack and the context effect that product market competition may have.The empirical results,based on the panel data of Chinese listed companies in manufacturing industry during 2003—2014,show that the persistence of firm innovation is vulnerable to external financing constraints.In this situation,organizational slack plays an important role on smoothing innovation activities,but this effect is only reflected in unfixed slack rather than fixed slack.Moreover,excessive competition in the market will weaken the effect of organizational slack.
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