中国非金融企业金融化对企业创新的影响  

Research on the Impact of China’s Non-financial Enterprise Financialization on Innovation

作　　者：孙平 Sun Ping(School of Economics,Shandong University,Jinan 250000,China)

机构地区：[1]山东大学经济学院

出　　处：《科技进步与对策》2019年第14期85-92,共8页Science & Technology Progress and Policy

基　　金：国家社会科学基金重点项目(18AJY015);国家社会科学基金一般项目(16BJY077)

摘　　要：分析非金融企业金融化影响企业创新的作用机制,利用2009-2017年我国上市公司数据对各种机制作用效果进行实证检验。结果发现:金融负债渠道对于企业创新具有显著正向作用,且正向作用主要体现在企业创新规模而非比重上;金融资产渠道对于企业创新的影响并不显著,但企业房地产投资显著负向影响企业创新规模;股东价值导向渠道对企业创新未表现出显著作用。进一步区分企业产权性质的研究表明,金融负债渠道对创新的影响主要体现在民营企业,地方国有企业次之,中央国有企业不显著;金融资产和股东价值导向渠道没有表现出产权异质性。因此,可从深化金融供给侧改革、严控实体企业房地产投资行为、推进股票市场改革、探索更为多元和有针对性的创新支持措施4个方面不断提升非金融企业金融化对于企业创新的正面作用。This paper analyzes the mechanism of financial innovation of non-financial enterprises affecting enterprise innovation, and uses the data of listed companies in China from 2009 to 2017 to empirically test the effects of various mechanisms. The study finds that the financial liability channel has a significant positive effect on enterprise innovation, and the positive effect is mainly reflected in the scale of enterprise innovation rather than the proportion;the impact of financial asset channel on enterprise innovation is not significant, but the real estate investment has significantly negative effect on the scale of innovation of enterprises;the shareholder value orientation channel has not shown significant effect on enterprise innovation;the research that further distinguishes the nature of enterprise property rights shows that the impact of changes in financial liabilities on innovation is mainly reflected in private enterprises and local state-owned enterprises, but not central state-owned enterprises. Financial assets and shareholder value orientation channels did not show property heterogeneity. We can improve the positive aspects of financialization on innovation from four aspects: deepening financial supply side reform, strictly controlling real estate investment behavior of entities, promoting stock market reform, and exploring more diverse and targeted innovation support measures.

关 键 词：非金融企业金融化 企业创新 金融资产 金融负债 股东价值导向 

分 类 号：F273.1[经济管理—企业管理]