金融化对制造业企业创新效率影响的实证研究  

An Empirical Study on the Impact of Financialization on the Innovation Efficiency of Manufacturing Enterprises

作　　者：黄大禹 谢获宝[1] 邹梦婷 Huang Dayu;Xie Huobao;Zou Mengting(Economics and Management School,Wuhan University,Wuhan 430072,China;School of Economics,Wuhan University of Technology,Wuhan 430070,China)

机构地区：[1]武汉大学经济与管理学院,武汉430072 [2]武汉理工大学经济学院,武汉430070

出　　处：《工业技术经济》2021年第6期3-8,共6页Journal of Industrial Technological Economics

基　　金：教育部人文社会科学研究规划基金项目“去杠杆影响企业风险承担的经济后果、机制路径及优化策略研究”(项目编号:19YJA630093)。

摘　　要：越来越多的企业实施企业金融化策略,引起了学界的关注。有研究指出金融化是降低融资成本的重要途径,也有研究指出这是主业丧失的重要诱因。本文以我国A股上市制造业非金融企业为研究对象,研究企业金融化对创新效率的影响,提出两个研究假设并构建了两个模型,在描述性统计分析、相关性分析后,对两个模型进行了面板回归分析,并通过稳健性和差分GMM验证了两个模型的稳健性。通过实证分析得出:金融资产持有比例对创新效率有负向影响;制造业企业通过金融渠道获取的收益与创新效率呈负向关系,验证了本文所提出的两个假设的正确性。More and more enterprises begin to adopt the strategy of enterprise finance has attracted the attention of the aca⁃demic community.Some studies point out that financialization is an important way to reduce the financing cost,while others point out that it is an important inducement for the loss of the main business.This paper takes A-share listed manufacturing non-financial enterprises in China as the research object to study the impact of enterprises on innovation efficiency after financialization.Through two research hypotheses and two models,descriptive statistical analysis and correlation analysis are carried out first,then panel re⁃gression analysis is carried out for the two models,and finally the two models are verified by robustness and differential GMM test Robustness of models.The empirical analysis shows that:the proportion of financial assets holding has a negative impact on innova⁃tion efficiency;the income of manufacturing enterprises through financial channels has a negative relationship with innovation effi⁃ciency,which verifies the correctness of the two hypotheses proposed in this paper.

关 键 词：金融化 制造业企业 创新效率 金融资产持有量 融资收益 企业规模 

分 类 号：F273.1[经济管理—企业管理] F407[经济管理—国民经济]