市场竞争:“拦路虎”还是“助推剂”——技术异质性企业“脱实向虚”的证据

Is Market Competition a Roadblock or Booster——Evidence from Financialization of Technologically Heterogenous Enterprises

采用2007—2016年我国A股制造业上市公司的数据,检验了市场竞争与技术异质企业金融化之间的关系及作用机制。结果发现:市场竞争促进了高技术企业的创新投资,降低了企业金融化水平;市场竞争抑制了低技术企业的创新投资,提高了企业金融化水平。即市场竞争对于高技术制造业企业金融投资扮演了“拦路虎”角色;对于低技术制造业企业金融投资扮演了“助推剂”角色。此外,本文还将企业竞争地位加入“市场竞争——金融化”关系的研究中,发现企业竞争地位对高技术企业“市场竞争抑制金融化”起到了正向增强效果;对低技术企业“市场竞争促进金融化”起到了反向减弱效果。本文的研究对于市场竞争机制下推动实体经济转型升级、促进经济“脱虚向实”具有一定的参考价值。

Based on the empirical data of A-share Manufacturing Listed Companies in China from 2007 to 2016,this paper examines the relationship and mechanism between market competition and financial behavior of technology heterogeneous enterprises.The results show that market competition improves the innovation investment of high-tech enterprises and restrains the financial behavior of manufacturing enterprises;market competition reduces the innovation investment of low-tech enterprises and promotes the financial behavior of manufacturing enterprises.That is to say,market competition acts as a "roadblock" for financial investment of high-tech enterprises and a "booster" for financial investment of low-tech enterprises.In addition,this paper also joins the research on the influence of competitive position of enterprises on the relationship between market competition and financialization, and finds that the competitive position of enterprises has a positive effect on the restraint of financialization by market competition of high-tech enterprises,while has a negative effect on the relationship of "market competition promotes financialization" of low-tech enterprises.