企业金融化影响技术创新的期限结构异质性研究——理论模型推演与中国经验证据

Research on the Term Structure Heterogeneity of Enterprise Financialization Affecting Technological Innovation--Theoretical Model Deduction and Evidence of Chinese Experience

基于中国经济创新驱动转型的现实要求,针对企业金融化对自身技术创新活动的影响,文章首先建构了企业投资活动的稳态模型,研究企业金融化与技术创新活动之间的关系,并将金融化期限结构差异视角引入了模型之中,得出了金融化期限结构差异可能存在的异质性影响。进一步地,借助2007-2016年中国沪深A股上市公司的数据集进行验证。研究发现,企业长期金融化行为对技术创新活动的抑制作用并不足够明显,而短期金融化则有着明显的创新减益效果,从而发现了金融化期限差异下的结构性表现,也进一步拓展了现有文献对于“企业金融化-技术创新”的视角。有鉴于此,不能简单对企业的金融化行为进行“一刀切”式的管理,应根据企业金融化的期限结构差异,制定具有精准导向的政策体系,才能有效中和乃至逆转企业金融化对研发创新活动的抑制作用。

Based on the practical requirements of China's economic innovation-driven transformation,this paper studies the impact of enterprise financialization on its own technological innovation activities.Firstly,this study constructs a steady-state model of enterprise investment activities to study the relationship between enterprise financialization and technological innovation activities,introduces the perspective of financial term structure differences into the model,and obtains the possible heterogeneous effects of financial term structure differences.Further,this paper validates the data set of Shanghai and Shenzhen A-share listed companies from 2007 to 2016.The study finds that the long-term financial behavior of enterprises does not inhibit technological innovation activities significantly,while the short-term financialization has obvious effect of reducing innovation profit,thus discovering the structural performance under the term difference of financialization,and further expanding the view of the existing literature on"enterprise financialization-technological innovation".In view of this,we cannot simply manage enterprise's financialization behaviors in a"one-size-fits-all"way.We should formulate a policy system with precise orientation according to the differences of the term structure of enterprise's financialization,in order to effectively neutralize and even reverse the restraints of enterprise's financialization on R&D innovation activities.