企业金融化、社会责任与创新投入——基于金融渠道获利能力门槛效应的再审视  

Enterprise Financialization,Social Responsibility,and Innovation Investment:Threshold Effect Test Based on Profitability of Financial Channels

作　　者：王立平[1] 李蔓丽 WANG Liping;LI Manli(School of Economics,Hefei University of Technology,Hefei 230601,China)

机构地区：[1]合肥工业大学经济学院,安徽合肥230601

出　　处：《华东经济管理》2023年第1期50-61,共12页East China Economic Management

基　　金：国家社会科学基金重大项目“新时代背景下我国经济发展质量动态评价及其政策协同研究”(18ZDA064)。

摘　　要：为深入探究非金融企业“脱实向虚”产生的创新不足问题,实现“质量追赶”和“创新驱动”的经济高质量发展目标,文章使用2010—2020年沪深A股1847家上市企业数据,实证检验企业金融化对创新投入的直接影响,重点分析金融化挤出创新投入的非线性特征,并进一步检验企业社会责任的调节作用。结果表明:企业金融化对创新投入具有挤出效应;企业的金融渠道获利能力发挥了显著的门槛效应;企业社会责任有效弱化了短期金融资产配置对创新投入的挤出效应。研究结论为有效防范过度金融化给企业创新发展带来的负面影响提供了新思路,为构建高水平开放型经济新体制提供了政策参考。In order to deeply explore the lack of innovation caused by non-financial enterprises′“disenchantment from reality to emptiness”,and achieve the goal of“quality catching up”and“innovation driven”high-quality economic development,this paper uses the data of 1847 listed enterprises in Shanghai and Shenzhen A shares from 2010 to 2020 to empirically test the direct impact of enterprise financialization on innovation investment,focusing on the nonlinear characteristics of financial crowding out innovation investment,and further test the regulatory role of corporate social responsibility.The results show that enterprise financialization has crowding out effect on innovation investment;the profitability of financial channels of enterprises has played a significant threshold effect;corporate social responsibility effectively weakens the crowding out effect of short-term financial asset allocation on innovation investment.The research conclusion provides new ideas for effectively preventing the negative impact of excessive financialization on the innovative development of enterprises,and provides policy reference for building a new system of high-level open economy.

关 键 词：企业金融化 创新投入 社会责任 挤出效应 门槛效应 

分 类 号：F832.51[经济管理—金融学] F273.1F270