传媒娱乐企业的金融资产配置与研发创新——基于负利率视域

Financial Asset Allocation and R&D Innovation of Media and Entertainment Enterprises:Based on Negative Interest Eate

负利率催使企业朝着金融化方向发展,这必将对企业的创新研发活动产生一定的影响。文章以我国A股传媒娱乐行业上市公司为研究对象,以流动性为分类标准,利用双向固定效应模型,考察负利率环境下传媒娱乐企业的部门流动性金融资产与非流动性金融资产对于企业研发创新活动的影响效应。研究结果表明:传媒娱乐企业流动性金融资产配置通过"蓄水池效应"对研发创新起到正向促进的作用,传媒娱乐企业非流动性金融资产配置凭借"挤出效应"对企业创新研发活动产生抑制消极的影响,并据此提出制定宽松有度的货币政策、政产学研多渠道推动企业实现技术创新等对策建议。

The negative interest rate urges enterprises to develop towards the direction of financialization,which will certainly have a certain impact on the innovation and research activities of enterprises.This paper takes the listed companies of A-share media and entertainment industry in China as the research object,takes the liquidity as the classification standard,and uses the two-way fixed effect model to investigate the influence of the departmental liquid financial assets and non-liquid financial assets on the R&D and innovation activities of the media and entertainment enterprises in the negative interest rate environment.The results show through the"reservoir effect",it plays a positive role in promoting R&D innovation;through the"crowding out effect",the allocation of non-liquid financial assets of media and entertainment enterprises has a negative impact on the innovation and R&D activities of enterprises.On this basis,the paper puts forward some countermeasures and suggestions,such as the formulation of loose monetary policy,the promotion of technological innovation through multiple channels of government,industry,university and research.