企业研发创新、多元化经营与产融结合——来自中国上市公司的经验证据

Enterprise R&D Innovation,Diversification and Integration of Industry and Finance——Empirical Evidence from Listed Companies in China

选择2008至2015年中国非金融上市公司数据,利用Heckman两阶段模型探索企业投资金融企业的选择和程度的影响因素,着重考察了研发创新、多元化经营的程度对企业产融结合行为的作用。研究发现,企业研发投入程度愈深和技术创新能力愈强,企业产融结合的可能性越小,然而对于一旦决定走产融结合之路的企业,企业研发创新可以显著促进产融结合的深度。相反,企业多元化水平越高,产融结合的可能性越大,但会减少投资金融企业的金额。

This paper chooses the data of the listednon-financial companies in China from 2008 to 2015 ,and uses Heckman two-stage model to ex- plore the ilfl＇luencing factors of the choice and the degree of enterprises investing in financial enterprises, it focuses on the impact of the R＆D in- novation and diversification on the integration of industry and finance of the enterprises. The research found that the deeper the degree of R＆D in- vestment is, and the stronger the technological innovation ability is, the less the possibility of the industry and financial integration is. However, for enterprises that decide to take the road of combining production and finance ,the R＆D innovation can significantly promote the depth of integration. On the contrary, the higher the level of enterprise diversification is, the greater the possibility of combining production and finance is, but the less amount of investment in financial enterprises is.