产权制度、实业金融化与创新研发——来自我国制造业上市公司的证据

Property Rights, Financialization of Real Sectors and R&D Innovation——Evidence from China’s Manufacturing Listed Companies

2008年金融危机以来,我国实体经济呈现日趋严重的金融化现象,尤其是上市公司金融资产配置与金融资产收益占比越来越大,一定程度上影响实体经济发展,这一问题引起了政府和学者的高度关注。立足现有研究结论,试图从产权制度、创新资源依赖等视角探索金融化对我国制造业创新的影响机理,结论支持民营企业的金融化偏好要显著高于国有企业;同时,国有企业中代理成本高的样本显示出更高的金融化水平,说明金融化很可能成为支撑其高代理成本的维系纽带。研究的重要政策启示在于,亟须优化民营企业创新的融资环境,不断完善国有企业高管晋升制度,以营造"脱虚向实"的市场与政策氛围,扭转金融化的不利影响。

Since the financial crisis in 2008, China’s real economy has shown an increasingly serious phenomenon of financialization. In particular, the proportion of financial assets allocation and financial assets of listed companies is increasing, which affects the development of the real economy to some extent. Government and scholars are highly concerned. Based on the existing research conclusions, this paper attempts to explore the influence mechanism of financialization on China’s manufacturing innovation from the perspectives of property rights system and innovation resource dependence. The research conclusions support that the financial preference of private enterprises should be Significantly higher than state-owned enterprises;at the same time, the high cost of agency in the state-owned enterprises shows a higher level of financialization, indicating that financialization is likely to become a supporting link to support its high agency costs. The important policy enlightenment of the research is that it is urgent to optimize the financing environment for private enterprise innovation, and constantly improve the promotion system of state-owned enterprise executives, so as to create atmosphere of "transfer from Real to Virtual".