产融结合与企业创新——基于央企控股上市公司的经验证据

Integration of Industry and Finance and Corporate Innovation:A Study Based on the Empirical Evidence of Central Enterprises Holding Listed Companies

本文基于内部资本市场理论,结合手工收集的2007-2017年中央企业集团产融结合数据,实证检验了央企集团产融结合对其下属上市公司创新活动的影响及其作用机理。实证研究发现:央企集团成立财务公司或金融投资平台实施产融结合能够显著促进公司创新投入和创新产出;内部控制质量较好的公司,产融结合对创新的促进作用更加显著;在货币政策紧缩时期,产融结合对创新的促进作用更显著。本文研究证实了产融结合对企业创新活动的积极影响,并进一步探究了产融结合的影响机理,为央企产融结合实践提供了经验证据。

Based on the theory of internal capital market and the data of the central enterprise groups from 2007 to 2017, this paper empirically tests the impact of the integration of industry and finance on central enterprises holding listed companies innovation and explores its mechanism. The empirical study shows that the central enterprise groups that establish financial companies or investment platforms to implement the integration of industry and finance have significantly larger R&D input and patent output. In companies with better internal control quality, the integration of industry and finance plays a more significant role in promoting innovation. In the period of monetary policy tightening, the integration of industry and finance plays a more significant role in promoting innovation. The paper confirms the positive influence of industry-finance integration on enterprise innovation activities, providing empirical syupport for the practice of industry-finance integration in central enterprises.