金融去杠杆、股价变动与企业研发投入  

Financial De-Leveraging,Stock Price and Enterprise R&D Investment

作　　者：闫现伟[1,2] 王生年 YAN Xian-wei;WANG Sheng-nian

机构地区：[1]石河子大学经济与管理学院 [2]中国人民银行银川中心支行 [3]石河子大学经济与管理学院/公司治理与管理创新研究中心

出　　处：《科学决策》2022年第8期82-99,共18页Scientific Decision Making

摘　　要：本文以2010-2019年中国A股上市公司年度数据为样本,检验了股价变动对企业研发投入的影响及作用机制,以及金融去杠杆对两者的调节作用。研究发现,股价大幅变动与企业研发投入存在负向关系,金融去杠杆缓解了这种不利影响。作用机制检验发现,股价变动一方面加剧了企业的金融化行为,另一方面增加了企业管理层的代理成本,二者共同作用减少了企业的研发投入。结论表明,国家应持续实施金融去杠杆调控,稳定股价变动,促进企业创新行为。In recent years,A typical feature of Chinese economy is that the Financial prices are serious rising,which leading to the Funds from real to virtual.This paper empirically examines the influence and mechanism of Stock Price on Enterprise R&D Investment from 2010 to 2019 among A-share listed companies in China,and the moderator effect of Financial De-Leveraging.The study found that the rising of Stock Price significantly reduces Enterprise R&D Investment,and The Financial De-Leveraging,mitigates the adverse influence of stock price on Enterprise R&D Investment.Further mechanism tests show that,with the rising of stock price,the financializations are intensified and agency costs are increasing,both of which are not conducive to R&D Investment.The findings of this paper indicate that the rapid rising of financial asset prices is not conducive to the long-term development of real enterprises such as innovation;macro-prudential regulation by the state mitigates this adverse effects.The Regulators should continue to implement regulation of Financial De-Leveraging,keep Stock Price stability,and promote enterprises’ innovative behavior.

关 键 词：股价变动 研发投入 金融去杠杆 企业金融化 代理成本 

分 类 号：F275[经济管理—企业管理]