企业金融化提升创新持续性了吗?--兼论制度环境的影响

Does Financialization Promote Innovation Persistence?-Regard to the Impact of Institutional Environment

保持创新持续性依赖于创新资金的长期投入。实体企业金融投资行为日益活跃,是否与其创新能力投资相背离?本文基于2009—2016年中国A股非金融上市公司动态面板数据,依据“动机—行为—经济后果”逻辑,建立异质性配置动机下的计量模型,采用系统GMM方法实证检验企业金融化对创新持续性的影响。研究发现:总体来看,企业金融化显著抑制了创新持续性;受融资约束更强的企业,金融化对其创新持续性的影响系数为正但不显著,即未发现储蓄动机下的促进效应;套利动机更强的企业,其创新持续性受金融化投资增加的制约作用更大。以上结果表明,企业更多是出于套利动机而非储蓄动机配置金融资产,由此削弱了企业“研发创新—生产率—利润”的动力,不利于企业创新持续性的提升。进一步研究发现,企业金融化套利动机与中国市场发展不成熟相关,提高市场化程度有助于抑制企业金融化的不利后果。研究结论有助于政府和企业进一步认识金融化问题的制度成因及后果,进而有针对性地提出防范企业金融化的对策。

Innovation persistence depends on the long-term investment of innovation funds.Is the increasingly active financial investment of entity enterprise deviate from its innovative investment?It used the dynamic panel data of A-listed companies between 2009 and 2016 in China,based on the logic framework of“motivation-behavior-economic consequences”,and empirically tested the impact of financialization on innovation persistence for entity enterprise by using system GMM method.It finds that financialization of entity enterprise has a significant negative correlation with innovation persistence.For enterprise with strong financing constraint,there is no significant positive correlation between financialization and innovation persistence,that is,no promotional effect under savings motivation is found.For enterprise with more arbitrage,the increase of financial investment is more restrictive to innovation persistence.The above results show that financial assets are allocated for market arbitrage rather than capital reserve,which weakens the dynamism of“R&D-productivity-profit”,which is not conducive to innovation persistence.Meanwhile,the motivation of market arbitrage is related to the immature development of the Chinese market,and perfecting the degree of marketization help to curb the adverse consequences of financialization.The conclusion is helpful for the government and enterprises to further understand the institutional causes and consequences of the financialization problem,and to formulate the countermeasures to prevent the enterprises’financialization.