制造业金融化与企业创新--基于宏观经济政策不确定性与产权性质视角  

Manufacturing Finance and Enterprise Innovation: Based on the Perspective of Macroeconomic Policy Uncertainty and Property Rights

作　　者：田梓青 李胜楠[2] 杜洋洋 Tian Ziqing;Li Shengnan;Du Yangyang

机构地区：[1]美国密歇根大学 [2]天津大学管理与经济学部 [3]山西财经大学会计学院

出　　处：《宏观经济研究》2020年第3期32-40,共9页Macroeconomics

摘　　要：目前中国金融市场发展迅猛,制造业企业纷纷投资金融资产,资产金融化的趋势逐渐涌现,对企业实体经营的影响越来越明显。基于2013年至2017年沪深A股制造业企业数据,本文实证分析发现:中国制造业企业资产金融化会抑制企业创新活动,同时宏观经济政策不确定性的提高会削弱企业资产金融化对创新的挤出效应。考虑到产权性质的影响,本文发现非国有企业金融化对创新影响显著,而国有企业并不明显。基于上述分析,我们为应对过度金融化发展实体企业提出相关建议。At present, China’s financial market is developing rapidly, and manufacturing enterprises have invested in financial assets one after another. The trend of asset financialization has gradually emerged, and its impact on the operation of enterprises entities has become increasingly apparent. Based on the data of Shanghai-Shenzhen A-share manufacturing companies from 2013 to 2017, an empirical analysis finds that the financialization of assets of Chinese manufacturing enterprises will inhibit the innovation activities of enterprises, and the increase in uncertainty of macroeconomic policies will weaken the innovation of financialization of enterprise assets squeeze out effect. Considering the influence of property rights, this paper finds that the financialization of non-state-owned enterprises has a significant impact on innovation, while state-owned enterprises are not. Based on the above analysis, we put forward relevant suggestions for coping with the over-financial development of entity enterprises.

关 键 词：宏观经济政策不确定性 金融化 企业创新 

分 类 号：F273.1[经济管理—企业管理] F832.51[经济管理—国民经济] F425