非金融企业影子银行化与企业创新投入  

Shadow Banking of Non-financial Enterprises and Enterprise Innovation Input

作　　者：陈镇喜 程昕昱 CHEN Zhen-xi;CHENG Xin-yu

机构地区：[1]华南理工大学经济与金融学院 [2]中国人民银行东莞市分行

出　　处：《产经评论》2024年第6期41-55,共15页Industrial Economic Review

基　　金：国家社会科学基金项目“金融开放背景下异质投资者对资本市场定价效率的影响机制研究”(项目编号:21BJY237,项目负责人:陈镇喜);华南理工大学中央高校基本科研业务费专项资金资助项目(项目编号:CXTD202407,项目负责人:陈镇喜)。

摘　　要：“脱实向虚”导致的企业有效创新投入不足引发各界的深度思考,促进实体企业加大创新投入是推动经济高质量发展阶段的关键。基于2007—2022年中国A股非金融上市企业数据,实证检验非金融企业影子银行化对企业创新投入的影响。结果显示:非金融企业影子银行化显著抑制企业创新投入的增长,并且在大规模企业、东部地区企业、制造业企业、非国有企业中的抑制作用更强。机制分析表明,融资约束在非金融企业影子银行化对企业创新投入的影响中具有部分中介作用,即非金融企业影子银行化通过加剧企业融资约束问题,对企业创新投入产生抑制作用。进一步分析发现,高管股权激励在非金融企业影子银行化与企业创新投入间具有调节效应,可以降低非金融企业影子银行化对企业创新投入的负面冲击。因此,应认识到“脱实向虚”的危害,推动企业加强自身创新研发投入,优化生产经营,从而实现长远发展。The inadequate innovation investment by enterprises,attributable to the shift from the real economy to the virtual economy,has prompted profound reflection across all sectors.It is imperative to encourage real enterprises to augment their innovation input during the stage of high-quality economic development.Based on the data of non-financial listed companies in China's A-share market from 2007 to 2022,this study empirically tests the impact of shadow banking on innovation investment in non-financial enterprises.Results show that shadow banking has a significant negative effect on the growth of enterprises innovation investment.And for large-scale enterprises,enterprises in eastern region and manufacturing enterprises,the impact is more significant.Mechanism analysis reveals that financing constraints play a partial intermediary role,that is,the shadow banking of non-financial enterprises inhibits the innovation investment of enterprises by exacerbating the financing constraints of enterprises.Further analysis shows that executive equity incentive has a moderating effect between shadow banking of non-financial enterprises and enterprise innovation investment,which can reduce the negative impact of the shadow banking of non-financial enterprises on innovation investment.Therefore,enterprises should recognize the harm of the “shift from the real economy to the virtual economy”,strengthen innovation input and optimize production and management to achieve long-term development.

关 键 词：非金融企业影子银行化 企业创新投入 融资约束 高管股权激励 

分 类 号：F062.9[经济管理—政治经济学]