促进还是抑制:金融资产配置与企业技术创新  

Promotion or Inhibition:Financial Asset Allocation and Enterprise Technological Innovation

作　　者：段俊[1] 刘婷婷 张保帅[1] Duan Jun;Liu Tingting;Zhang Baoshuai(School of Economics and Management,Chongqing Normal University,Chongqing 401331,China)

机构地区：[1]重庆师范大学经济与管理学院,重庆401331

出　　处：《重庆师范大学学报（社会科学版）》2023年第3期20-34,共15页Journal of Chongqing Normal University(Edition of Social Sciences)

基　　金：2019年度重庆市社会科学规划项目“基于大数据的金融市场极值风险动态测度方法及应用研究”(2019WT12);重庆师范大学博士启动项目“绿色发展视角下数字金融对区域技术创新效应研究”(21XWB044)。

摘　　要：本文运用我国2011—2021年A股上市公司数据,研究金融资产配置对企业技术创新的影响。研究发现:金融资产配置与企业技术创新之间呈倒U型关系,即随着金融资产配置比例的提升,企业技术创新水平先上升后下降。对于不同产权性质、规模的企业以及处于不同融资约束状况下,金融资产配置与企业技术创新之间存在异质性;传导渠道检验表明,过度配置金融资产会挤出流动性供给,进而对企业技术创新产生负面影响;政府补贴程度在金融资产配置影响企业技术创新过程中存在显著的调节作用。研究结果表明,实体企业不应该盲目投资金融资产,应当积极探索金融资产配置最优水平的存在,预防过度金融化隐患。This paper uses the data of China’s A-share listed companies from 2011 to 2021 to study the impact of financial asset allocation on enterprise technological innovation.It is found that the relationship between financial asset allocation and enterprise technological innovation is inverted U-shaped that is with the improvement of financial asset allocation enterprise technological innovation first rises and then decreases.For enterprises with different property rights and scales and under different financing constraints there is heterogeneity between financial asset allocation and enterprise technological innovation.The conduction channel test shows that overallocation of financial assets will crowd out liquidity supply which in turn will have a negative impact on enterprise technological innovation.The degree of government subsidies has a significant regulating effect on the technological innovation process of financial asset allocation.The results show that real enterprises should not blindly invest in financial assets but should actively explore the existence of the optimal level of financial asset allocation to prevent the hidden dangers of excessive financialization.

关 键 词：金融资产配置 企业技术创新 流动性供给 政府补贴 

分 类 号：F275[经济管理—企业管理]