企业金融化与数字化创新:一种“倒U型”关系  

The Financialization of Enterprises and Digital Innovation:An“Inverted U-shaped”Relationship

作　　者：曹献飞[1] 牛思敏 CAO Xian-fei;NIU Si-min(School of Economics and Management,Jiangsu University of Science and Technology)

机构地区：[1]江苏科技大学经济管理学院,江苏镇江212000

出　　处：《当代金融研究》2025年第2期48-62,共15页Journal of Contemporary Financial Research

基　　金：江苏省创新支撑计划软科学研究项目“江苏省促进基础研究人才向企业集聚的长效机制研究”(BR2023014-3)。

摘　　要：基于2010-2022年中国A股上市公司数据,实证检验企业金融化对数字化创新的影响。研究发现,第一,企业金融化会对数字化创新产生“倒U型”的非线性影响,适度的金融投资能促进数字化创新,而过度配置金融资产会抑制创新活力;第二,融资约束和研发投入在企业金融化对数字化创新的影响中起到中介机制的作用;第三,金融化对高生产率企业、大型企业以及处于数字行业企业的数字化创新水平的边际影响更大,展现出更显著的“倒U型”特征。研究有助于阐明中国企业金融投资行为的动机与影响,从企业实践层面缓解经济“脱实向虚”问题,对推动企业数字化发展,最终实现经济高质量发展具有重要现实意义。Based on the data of China's A-share listed companies from 2010 to 2022,this paper empirically tests the impact of corporate financialization on digital innovation.The study found that,first,corporate financialization will have an inverted U-shaped nonlinear impact on digital innovation.Moderate financial investment can promote digital innovation,while excessive allocation of financial assets will inhibit innovation vitality.Second,financing constraints and R&D investment play an intermediary role in the impact of corporate financialization on digital innovation.Third,financialization has a greater marginal impact on the level of digital innovation of high-productivity enterprises,large enterprises and enterprises in the digital industry,showing a more significant inverted U-shaped feature.The research in this paper helps to clarify the motivation and influence of Chinese enterprise financial investment behavior,alleviate the problem of breaking away from reality to virtual from the practical level of enterprises,and promote the digital development of enterprises.It is of great practical significance to achieve high-quality economic development.

关 键 词：企业金融化 数字化创新 非线性模型 融资约束 

分 类 号：F832.51[经济管理—金融学]