（Could more innovation output bring better financial performance? The role of financial constraints）
尹西明，清华大学经济管理学院经济与金融专业本科、技术创新经济学博士研究生（康奈尔大学商学院联合培养）。主要从事创新经济学、技术创新与技术扩散研究，在国际期刊Journalof Rural Studies以及《科学学研究》等技术创新领域主要学术杂志发表论文30余篇，参与10多次国际会议论文宣讲，研究成果多次被《新华文摘》等学术性和新华网、中国社会科学网等媒体转载。近年来参与欧盟“地平线”计划、国家自然基金重点项目、国家社科基金重大项目以及科技部、德国BASF、中国中车、华为等企事业咨询课题等多项。曾获清华“挑战杯”学术竞赛特等奖、国际创新研究会议优秀论文、中国技术经济学会优秀论文、中国国有经济研究年会优秀论文奖和第十届“全国百优案例”。目前担任美国管理学会（AOM）、Journalof Rural Studies、Chinese Management Studies,《管理学报》等中英文会议和杂志匿名审稿人。
As innovation is the core driveroffirm competitiveness, industry growth and long-term economic development,current literature highlights the economic benefits to firms. However, the empirical results on the correlation between firms’ innovation output and economic returns remain mixed. In this study, we develop the profiting from innovation (PFI) framework and address the crucial role of financial constraints in the relationship between innovation output and financial performance. We argue that the liability of newness differentiates firms’ financial performance when engaging in innovation activities, which leads to a U-shaped relationship between innovation output and firm financial performance. We further document the negative moderating effect of the individual financial constraints and market-based financial constraints in such a nonlinear relationship. Empirical test based on the 142,972 firm-year observations of the multi-source dataset of Chinese manufacturing firms from 1999 to 2009 support our hypotheses. The additional analysis finds that non-SOEs and SMEs benefit more from the synergistic effect of the alleviation of individual financial constraints and market-based financial constraints than SOEs and large firms. Our study enriches the literature of the PFI framework and innovation economics by unboxing the black box between innovation output and economic returns in which financial constraints play an essential role. To the best of our knowledge, we are among the first to investigate the processes and mechanisms between innovation output and financial performance, generating novel insights into business practitioners and policymakers.