技术市场发展、实体企业金融化与创新质量  

Technology Market Development, Financialization of Entity Enterprises and Innovation Quality

作　　者：祝伟展 王雪标[1,2] Zhu Weizhan;Wang Xuebiao(School of Economics,Dongbei University of Finance and Economics;School of Data Science and Artificial Intelligence,Dongbei University of Finance and Economics,Dalian 116025,China)

机构地区：[1]东北财经大学经济学院 [2]东北财经大学数据科学与人工智能学院,辽宁大连116025

出　　处：《科技进步与对策》2023年第2期80-89,共10页Science & Technology Progress and Policy

基　　金：国家自然科学基金面上项目(71273044);安徽高校人文社会科学研究重大项目(SK2020ZD012)。

摘　　要：以2005—2020年中国A股上市企业为样本,实证研究实体企业金融化对创新质量的影响效应和机制,重点关注技术市场发展对上述影响效应和机制的调节作用。结果表明,实体企业金融化对创新质量具有负向影响效应,技术市场发展能够强化这一影响效应,在技术市场发展较快的地区,实体企业金融化对创新质量的负向影响效应更加显著,融资约束和全要素生产率是实体企业金融化影响企业创新质量的有效机制;技术市场发展的调节效应主要作用于影响机制的前半路径,在技术市场发展较快的地区,实体企业金融化对融资约束的缓解效应较弱,对全要素生产率的负向影响效应更强;实体企业金融化对创新质量的影响效应在产品市场竞争、是否为家族企业和银企关系方面存在异质性,当产品市场竞争更激烈、银企关系较差和企业为非家族企业时,实体企业金融化对创新质量的负向影响更显著。The income gap between financial investment and industrial investment has been further widened with the influence of adverse external shocks. The phenomenon of financialization of entity enterprises driven by the motive of capital profit-seeking has attracted more and more attention. On the one hand, the financial investment of entity enterprises can significantly boost the investment income of enterprises and lay a solid capital foundation for improving the innovation quality of entity enterprises;on the other hand, the changes of corporate investment preferences due to the financialization of entity companies generate the crowding-out effect on innovation capital, consequently the financialization can degrade the quality of corporate innovation. Since the effect of financialization of entity enterprises on the quality of enterprise innovation is uncertain, in order to improve the supported intensity of financial market on the real economy, it is of great significance to empirically study the effect of financialization of entity enterprises on the quality of enterprise innovation and the moderating effect of technological market development.The difference between innovation output and innovation quality is huge, however, there is relatively little literature focusing on the impact factors of the quality of enterprise innovation. Among all the literatures on the influence factors of the quality of enterprises innovation, most focus on environmental regulation and business environmental and so on. Due to the increasingly severe trend of financialization of entity enterprises, it is urgent in the current society to find out the influential effect, impact mechanism and adjustment effect of the financialization of entity enterprises on innovation quality. Consequently, this paper uses the data of A-shares listed companies to empirically study the influence of financialization of entity enterprises on innovation quality and the moderating effect of technology market development. It is found that firstly the financiali

关 键 词：实体企业金融化 创新质量 技术市场发展 全要素生产率 融资约束 

分 类 号：F273.1[经济管理—企业管理]