制造业企业金融化、技术创新与全要素生产率  

Financialization,Technological Innovation and Total Factor Productivity of Manufacturing Enterprises

作　　者：陈赤平[1,2] 孔莉霞 CHEN Chiping;KONG Lixia(School of Business,Xiangtan University,Xiangtan 411105,China;School of Economics,Hunan Institute of Engineering,Xiangtan 411104,China)

机构地区：[1]湘潭大学商学院,湖南湘潭411105 [2]湖南工程学院经济学院,湖南湘潭411104

出　　处：《经济经纬》2020年第4期73-80,共8页Economic Survey

基　　金：湖南省教育厅重点项目(17A105);湖南省研究生科研创新项目(CX20190430)。

摘　　要：从技术创新角度引导制造业企业回归主业,对推动企业全要素生产率的增长具有重要意义。基于2007—2017年全国1763家上市制造业企业的面板数据,分析了制造业企业金融化、技术创新与全要素生产率的关系。研究发现:制造业企业金融化对全要素生产率存在显著的负向影响,其中国有企业和低盈利企业的抑制作用更加明显;进一步通过中介效应检验发现,企业金融化通过"挤出"技术创新导致全要素生产率降低,技术创新起到了部分中介作用,而市场化程度的提高一定程度上削弱了企业金融化对全要素生产率的消极影响。It is of great significance to guide the return of manufacturing enterprises to the main business from the perspective of technological innovation,and to promote the growth of total factor productivity of enterprises.Based on the panel data of 1763 listed manufacturing enterprises in China from 2007 to 2017,this paper empirically analyzes the relationship between financialization,technological innovation and total factor productivity of manufacturing enterprises.The study found:The financialization of manufacturing enterprises has a significant negative impact on total factor productivity,and the suppression of Chinese enterprises and low-profit enterprises is more obvious;Further through the mediation effect test,corporate financialization leads to a reduction in total factor productivity through"extrusion"technology innovation,technological innovation has played a part of intermediary role,and the increase in marketization has weakened the negative impact of corporate financialization on total factor productivity.

关 键 词：制造业企业 金融化 技术创新 全要素生产率 

分 类 号：F26[经济管理—国民经济]