实体企业金融化与企业创新能力

The Financialization of Real Enterprises and the Innovation Ability of Enterprises

近年来,实体企业金融化趋势日益凸显,深刻冲击企业资产配置决策,从而使企业创新能力提升面临新的挑战。本文基于微观企业视角,构建演化博弈理论模型研究企业金融化过程及对企业创新能力的影响机制,并基于我国非金融类A股上市公司数据,采用固定效应模型和IV-GMM估计方法对其进行检验,结果表明:金融化显著抑制企业创新能力,金融化程度越高,其创新能力越低。且该影响因企业的融资约束状况不同而存在差异,融资约束严重的企业,金融化对其创新的抑制效应更显著;融资约束宽松的企业,金融化对其创新的抑制效应相对弱化。进一步研究发现,金融化对企业主营业绩具有负向冲击,不利于其长期成长。因此,应优化创新激励政策以引导企业创新行为,完善金融监管体系以防范系统性金融风险,缓解企业融资约束以避免企业过度金融化。

In recent years, the financialization trend of real enterprises has become increasingly prominent, which has a profound impact on the asset allocation decision-making of enterprises, so that the improvement of innovation ability of enterprises is facing new challenges.Based on the perspective of micro enterprises, this paper constructs the evolutionary game theory model to study the process of enterprise financialization and the mechanism of its impact on the innovation ability of enterprises. Based on the data of China′s non-financial A-share listed companies, it uses the fixed effect model and IV-GMM estimation method to test it.The results show that the higher the degree of finance is, the lower the innovation ability is,the impact is different because of the different financing constraints of enterprises,and for enterprises with severe financing constraints, the inhibition effect of financialization on innovation is more significant;for enterprises with loose financing constraints, the restraining effect of financialization on their innovation is relatively weak.Further study finds that the financialization impact on the business performance of business owners has a negative impact, which is not conducive to their long-term growth. Therefore, we should optimize the innovation incentive policies to guide the innovation behavior of enterprises, improve the financial supervision system to prevent systemic financial risks, and ease the financing constraints of enterprises to avoid excessive financing of enterprises.