实体企业金融化抑制了企业创新吗?——基于高质量发展背景下企业创新双元视角

Does the Financialization of Real Enterprise Inhibit Innovation?Based on the Ambidextrous Perspective of Innovation under theBackground of High-quality Development

基于2009—2017年我国A股制造业上市公司数据,从创新投资和创新效率双元视角考察金融化对企业创新的影响效应,并分析在不同内外部环境下的异质性影响。研究发现:金融化显著抑制了企业的创新投资和创新效率。与经济政策不确定性低相比,经济政策不确定性高时金融化对创新投资的抑制作用增强,对创新效率的抑制作用则会减弱;客户集中度高缓解了金融化对创新效率的负面影响,而财务柔性削弱了金融化对创新投资的负面效应。进一步分析发现,金融化对创新投资的影响存在门槛效应,即存在一个合理的金融化水平波动区间,在这一区间内金融化对创新投资的“挤出”效应最小,但无证据表明金融化对创新效率的影响存在门槛效应;此外,金融化还会通过抑制创新投资对全要素生产率的促进效应发挥深远的间接影响。

Based on the data of China’s A-share manufacturing listed enterprises from 2009 to 2017,this paper studies the impact of financialization on enterprise innovation from the ambidextrous perspective of innovation investment and innovation efficiency,and further analyzes the heterogeneous effect in different internal and external environments.It is found that financialization significantly inhibits the innovation investment and innovation efficiency of enterprises.Compared with the low uncertainty of economic policy,the negative effect of financialization on innovation investment is stronger while the inhibiting effect on innovation efficiency is weaker in years with high uncertainty of economic policy.Customer concentration can relieve the inhibition of financialization on innovation efficiency,while financial flexibility can relieve the inhibition of financialization on innovation investment.Further analysis shows that there is a threshold effect on the impact of financialization on innovation investment,namely,there is a reasonable fluctuation range of financialization level,in which the“crowd-out effect”of financialization on innovation investment is the smallest.However,there is no evidence to show that there is a threshold effect of financialization on innovation efficiency.In addition,financialization will exert far-reaching and indirect effects by inhibiting the contribution of innovation investment to the promotion of total factor productivity.