实体企业金融化与企业创新产出——有调节的中介效应

Financialization of Entity Enterprises and Innovation Output:Moderated Mediating Effect

近年来,我国实体经济面临过度金融化的风险。本文以A股制造业上市公司为样本,实证分析了企业金融化对创新产出的微观作用机制。研究发现,企业金融化通过"挤出"研发投入,进而抑制了创新产出。进一步考虑公司治理和外部环境的调节作用发现:相较于国有企业,企业金融化对研发投入的挤出作用在非国有企业中更加显著,相应地其对创新产出的削弱作用也会强化;当企业对高管实施更多的股权激励时,企业金融化对研发投入的挤出作用会有所减少,相应地其对创新产出的削弱作用也会减弱;而当企业面临较为激烈的市场竞争和较为宽松的货币政策时,企业金融化会"挤出"更多的研发投入,相应地其对创新产出的削弱作用也会加强。

In recent years,China’s real economy faces the risk of excessive financialization.Based on the data of listed manufacturing companies in China,this study analyzes the mechanism of financialization of enterprises on innovation output.The results show that financialization of enterprises inhibits the acquisition of innovation output by"squeezing out"R&D investment.Further considering the moderate effects of corporate governance and the external environment,the results show that:compared with state-owned enterprises,the crowding out effect of financialization on R&D investment is more significant in non-state-owned enterprises,and correspondingly,the weakening effect on innovation output will also be strengthened;when enterprises implement more equity incentives to executives,the crowding out effect of financialization on R&D investment will be reduced,and correspondingly,the weakening effect on innovation output will also be alleviated;when enterprises are faced with fiercer market competition and relatively looser monetary policy,financialization will"squeeze out"more R&D investment,and correspondingly,the weakening effect on innovation output will also be strengthened.