企业金融化、高管背景对创新投入的影响——基于煤炭行业上市公司数据

The impact of corporate financialization and senior management background on innovation investment——Based on data of listed companies in the coal industry

以2007—2019年我国煤炭上市公司为样本,研究了企业金融化、高管背景对创新投入的影响。研究发现:我国煤炭上市公司的金融化对创新投入产生了显著的“挤出效应”,具有技术背景的高管加剧了这种“挤出效应”,但是,具有金融背景的高管却弱化了“挤出效应”。进一步比较三种不同类型金融资产对企业创新投入的影响发现,投资性房地产对煤炭上市公司的创新投入有显著的抑制作用,但是,投资交易性金融资产和长期股权投资对煤炭上市公司的创新投入不存在显著影响。不仅丰富了企业金融化的经济后果和企业创新影响因素等相关研究,而且为促进我国煤炭企业技术创新与高质量发展提供了经验证据。

Taking China’s coal listed companies from 2007 to 2019 as a sample,the impact of corporate financialization and senior management background on innovation investment is studied.The study found that the financialization of listed coal companies in China has produced a significant“crowding out effect”on innovation input,and executives with technical backgrounds exacerbated this“crowding out effect”.However,executives with a financial background have weakened the“crowding out effect”.A further comparison of the impact of three different types of financial assets on corporate innovation input found that investment real estate has a significant inhibitory effect on the innovation input of listed coal companies.However,investment in transactional financial assets and long-term equity investments do not have a significant impact on the innovation investment of listed coal companies.This article not only enriches related research on the economic consequences of corporate financialization and corporate innovation influencing factors,but also provides empirical evidence for the promotion of technological innovation and high-quality development of China’s coal enterprises.