金融资产配置对实体企业创新效率的影响  

The Influence of Financial Asset Allocation on the Innovation Efficiency of Real Enterprises

作　　者：刘磊 LIU Lei(College of Finance and Economics,Xinyang Agriculture and Forestry University,Xinyang Henan 464000,China)

机构地区：[1]信阳农林学院财经学院,河南信阳464000

出　　处：《技术经济与管理研究》2023年第7期61-66,共6页Journal of Technical Economics & Management

基　　金：河南省高等学校人文社会科学研究项目(2023-ZZJH-187)。

摘　　要：以2013—2021年中国沪深A股上市高端制造业为样本,实证研究金融资产配置对实体企业创新效率的影响效应与作用机制。结果表明,金融资产配置对实体企业创新效率具有显著倒“U”型非线性影响,且经过内生性与稳健性检验之后仍然成立。异质性检验结果表明,金融资产配置对实体企业创新效率的影响在非国有企业、成熟期企业、衰退期企业更加显著。中介效应检验结果表明,缓解融资约束、提高企业创新投资是金融资产配置影响实体企业创新效率的重要机制。Taking the high-end manufacturing industry listed in Shanghai and Shenzhen A shares from 2013 to 2021 as a sample,this paper empirically studies the effect and mechanism of financial asset allocation on the innovation efficiency of real enterprises.The results show that the financial asset allocation has a significant inverted U-shaped nonlinear impact on the innovation efficiency of real enterprises.This conclusion is still valid after endogenous and robustness tests.The results of heterogeneity test show that the impact of financial asset allocation on the innovation efficiency of real enterprises is more significant in non-state-owned enterprises,enterprises in the mature development period,enterprises in the declining development period.The intermediary effect test results show that easing financing constraints and improving enterprise innovation investment are important mechanisms for financial asset allocation to affect the innovation efficiency of real enterprises.

关 键 词：金融资产配置 实体企业 企业创新 创新效率 

分 类 号：F832.51[经济管理—金融学]