实体企业金融化、创新投资与资本配置效率研究

Financialization,Innovative Investment and Capital Allocation Efficiency of Entity Enterprises

企业金融化行为势必减少经营资产投资,那么是否一定降低其资本配置效率?企业创新投资能否调节两者关系?本文基于924家实体企业2012~2018年的均衡面板数据,以企业创新投资为门限调节变量,探究企业金融化行为对企业资本配置效率的影响。研究发现:企业金融化对实体企业资本配置效率的影响存在非均衡关系,实体企业创新投入比例对两者关系起调节作用;在创新投资投入较少时,企业金融化行为对资本配置效率表现为抑制作用,随着企业创新投资比重增加,大于较低门限值后,企业金融化行为对资本配置效率的影响由负转正,但当企业创新投资跨越较高门限值,企业金融化行为又对资本配置效率的提高表现为抑制作用;不同生命周期阶段的企业,其金融化行为对资本配置效率的影响均不同。

The melting of industry funds is bound to reduce the investment in operating assets,so does it necessarily reduce the efficiency of capital allocation?Can innovation investment adjust the relationship between them?Based on the balanced panel data of 924 real enterprises in 2012~2018,this paper takes the innovation investment of enterprises as the threshold adjustment va-riable to explore the impact of corporate finance behavior on the efficiency of corporate capital allocation.It is found that there is a non-equilibrium relationship between the effect of corporate finance on the efficiency of capital allocation,and the proportion of innovation investment plays a regulatory role in the relationship.When the investment in innovation is small,the financial behavior of enterprises has a restraining effect on the efficiency of capital allocation.With the increase of the proportion of innovation investment of enterprises,the influence of the financial behavior of enterprises on the efficiency of capital allocation changes from negative to positive,but when the innovation investment of enterprises exceeds the higher threshold,the financial behavior of enterprises has a restraining effect on the efficiency of capital allocation function:in different life cycle stage,the influence of financial behavior on capital allocation efficiency is different.