过度金融化影响企业持续性创新的理论机制研究

Mechanism Analysis of the Effect of Excess Financialization on Innovation Persistence of Enterprises

持续性创新是企业实现高质量发展的关键,本文从过度金融化的视角,分析企业过度金融化对上市公司持续性创新的影响。通过构建一个两期的企业金融性和非金融性投资决策理论模型,本文发现上市公司配置一定比例的金融性资产是合理的,但是过度地配置金融资产会对能够提升企业价值的非金融性投资产生负向影响。本文基于2007—2017年中国A股非金融类上市公司微观数据的实证检验结果显示,过度金融化对于企业持续性创新有显著的挤出效应,并且这种影响与企业所具有的异质性存在关联。进一步的拓展性研究表明,过度金融化不能通过当期信贷可得性对上市公司的持续性创新产生影响,但其却能通过潜在信贷可得性对企业持续性创新产生显著的部分中介效应。总体而言,本文的发现对于企业辩证地看待金融性投资,准确把握好金融性投资与非金融性投资的均衡配置关系,构建促进持续性创新的高质量发展路径有重要的意义。

Innovation persistence is a key to the high-quality development of enterprises in China.This article studies the role of excessive finalization on the innovation persistence of listed company in China.We construct a two-period theoretical model of corporate financial and non-financial investment decisions,and it reveals that it is reasonable for listed companies to allocate a certain proportion of financial assets,but excessive allocation of financial assets will have negative impact on corporate value.Based on the micro-data of China’s A-share non-financial listed companies from 2007 to 2017,the empirical results show that excessive financialization has a significant crowding out effect on corporate innovation persistence,and the influence was related to the heterogeneity of enterprises.Furthermore,the results also show that over-financialization might have impact on the innovation persistence of listed companies through current credit availability,but it can have a significant mediating effect on innovation persistence through potential credit availability.These findings are of great significance for dialectically considering corporate financial investment,accurately grasping the balanced relationship between corporate financial investment and non-financial investments,and forming a high-quality development path for enterprises that promote innovation persistence.