企业金融化、经营绩效与创新投资--基于我国制造型企业上市公司的经验研究

Enterprise Finance,Business performance and Innovation Investment--Based on the empirical research of Chinese manufacturing enterprises listed companies

本文利用我国制造型企业上市公司2008-2019年数据,实证检验制造型企业金融化对创新投资的影响;并检验企业存在经营绩效异质性时,制造型企业金融化对创新投资产生的影响是否存在差异。实证结果表明:制造型企业金融化整体上对创新投资产生了抑制效应;而企业的经营绩效在两者之间发挥了调节作用。本文研究重点关注制造型企业金融化对创新投资影响的动态效应,研究结论为制造型企业优化金融化行为、提高创新投资水平及提升企业可持续发展能力提供相应的政策建议。

This paper study on China’s economic which witnessesa trend of being"off the real to the imaginary",and used the China manufacturing enterprises listed companies’ data in 2008-2019,empirically test how the manufacturing enterprise financialization influence the innovation investment.We give full consideration to China’s manufacturing enterprises’ finance constraints,testing whether there are differences in the impact of the financialization to innovation investment when there is heterogeneity in business performance.The empirical results show that the financialization of manufacturing enterprises has a inhibiting effect on innovation investment when enterprises are facing financial constraints.When the enterprises are facing poor operating performance,the enterprise finance promotes innovation investment.This research focuses on the dynamic effect of the financialization of manufacturing enterprises on innovation investment.The research conclusions provide corresponding policy recommendations for manufacturing enterprises to optimize financial behavior,improve the level of innovative investment,and enhance their sustainable development capabilities.