实体企业金融化促进还是抑制了企业创新--基于中国制造业上市公司的经验研究  

Does the Financialization of Non-financial Enterprises Promote or Inhibit Corporate Innovation

作　　者：王红建[1] 曹瑜强[2] 杨庆[3] 杨筝[4] Wang Hongjian Cao Yuqiang Yang Qing Yang Zheng(School of Management, Ji＇nan University School of Accountancy, Shanghai University of Finance, and Economies Economics and Management School, Wuhan University)

机构地区：[1]暨南大学管理学院 [2]暨南大学管理学院会计学系 [3]上海财经大学会计学院 [4]武汉大学经济与管理学院

出　　处：《南开管理评论》2017年第1期155-166,共12页Nankai Business Review

基　　金：国家自然科学基金项目(71602069、71572069)资助

摘　　要：本文基于我国金融资本超额回报率的事实,在市场套利分析框架下实证检验实体企业金融化是抑制还是促进了企业创新?控制内生性后检验结果发现,整体上,实体企业金融化挤出了企业创新,对于融资约束程度不同的两类公司,两者之间并无显著差异;套利动机越强的企业,金融化挤出企业创新效果越显著,而盈利能力越强的企业套利机会越少,且套利机会成本越高,因而金融化挤出企业创新显著性越弱。从生产率来看,实体企业金融化并没有显著提升全要素生产率,但从经济后果来看,实体企业金融化却显著提升了下一期经营业绩。进一步检验还发现,实体企业金融化挤出企业创新存在拐点,当实体金融化程度超过23%时,两者之间逐渐开始呈现正相关关系,表现为一种"促进效应"。综上可知,由于过去我国金融资本超额利润率的事实,实体企业通过对金融资产投资以分享金融业的高额利润,表现为一种市场套利行为。虽然短期有助于提升企业经营业绩,但从长期来看,实体企业金融化套利动机会显著抑制企业进行技术创新的动力。Based on the fact that China＇s financial capital gains ex- cess return in recent years, this paper, under the framework of Mar- ket Arbitrage Analyzing, examines whether the financialization of non-financial enterprises promotes or inhibits corporate innovation. Eliminating the endogenous concerns, we find （i） the financializa- tion of non-financial enterprises inhibits corporate innovation in general, and this result has no significant difference between the firms which confront strong financial constraints and those which do not; （ii） the more motivated the firm conducts market arbitrage, the more significant the inhibiting effect of non-financial enterpris- es on corporate innovation is, however the more profitable the firm is, the higher the opportunity cost of conducting market arbitrage is, thus, the inhibiting effect of non-financial enterprises on corpo- rate innovation is significantly weaker; （iii） from the prospective of economic outcome, although the inhibiting effect of non-financial enterprises on corporate innovation significantly elevates operating performance during the following period, it does not significantly promote the Total Factor Productivity. Conducting further tests, we also find that the inhibiting effect of non-financial enterprises on corporate innovation has an inflection point, that is, when the financialization rate of non-financial enterprises exceeds 23%, the relation between financialization of non-financial enterprises and corporate innovation gradually turns into positive and the inhibiting effect of non-financial enterprises on corporate innovation is con- verted into promoting effect. In general, due to the fact that China＇s financial capital gains excess return as oppose to non-financial industry, non-financial enterprises can share a higher profit with financial corporation by investing financial assets in financial in- dustry, which is the so-called Market Arbitrage. Although the mar- ket arbitrage helps promote short-term performance, in long-run

关 键 词：实体企业金融化 市场套利 企业创新 挤 出效应 

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