实体企业金融化对企业创新的影响分析

The Impact of Entity Enterprise Financialization on Enterprise Innovation

习近平在十九大报告中强调要加快建设依靠创新发展国家,指出发展离不开创新,现代化的经济体系的建设更离不开创新。但是随着市场需求的饱和,实体企业的利润逐渐下降,由此大量产业资本逐渐转向利润丰厚的金融业和房地产业,实体企业越来越偏离其主营业务,导致了实体企业的金融化。金融化下的实体企业能否从套利型转向创新型,使得我们不得不考虑实体企业金融化对企业创新的影响。文章研究结果表明:相对于具有金融资产配置的实体企业而言,其他未进行金融资产配置的企业创新能力更强,而实体企业金融化程度与其创新能力呈现负相关关系,即实体企业金融化已经挤出了企业创新,表现为挤出效应。

In the report of the 19th National Congress of the Communist Party of China, Xi Jinping stressed the need to speed up innovation - driven construction of the country. He pointed out that development is inseparable from innovation,and a modem economic system cannot be established without innovation. However,with the sat-uration of market demand, the profits of the entity enterprises have gradually decreased, and a large amount of industrial capital has gradually shifted to the profit - rich financial industry and real estate industry. This has made the entity more and more deviate from its main business, resulting in the financialization of the entity. Whether the entity enterprise under financialization can shift from an arbitrage model to an innovative one has made us to consider the impact of the financialization of entity enterprise on corporate innovation. The research results show that compared with the entity enterprises with financial asset allocation, other enterprises that have not configured financial assets have stronger innovation ability, and the degree of financialization of entity enter-prises has a negative correlation with their innovation ability. In other words, the financialization of entity enter-prises has already squeezed out corporate innovation,manifested as the extrusion effect.