战略性新兴产业企业金融化与企业创新:内部控制有效性的调节作用

Financialization of Strategic Emerging Industries and Enterprise Innovation:Based on the Moderating Effects of Internal Control Effectiveness

以沪深两市A股9931家战略性新兴产业企业2011—2020年的面板数据,运用面板门槛模型,研究企业金融化与企业创新的非线性关系,并引入内部控制有效性作为调节变量,探讨内部控制对企业金融化与企业创新关系的作用。结果表明:企业金融化与企业创新存在门槛效应,当企业金融化水平达到62.44%后,企业金融化对企业创新的影响由抑制转为促进;内部控制有效性对企业金融化与企业创新关系中具有调节作用。在内部控制有效性的调节作用下,提前出现拐点现象,当金融化水平达到46.43%后,企业金融化对企业创新的影响由抑制转为促进;进一步研究发现,内部控制五要素中风险评估的调节作用最明显,节能环保行业、高端装备制造行业、新材料行业等3类相关企业内部控制有效性调节作用最大。

Based on the panel data of 9931 strategic emerging industry enterprises in Shanghai and Shenzhen A shares from 2011 to 2020,this paper uses the panel threshold model to study the nonlinear relationship between enterprise financialization and enterprise innovation,and introduces the effectiveness of internal control as a regulating variable to explore the role of internal control in the relationship between enterprise financial melting and enterprise innovation.The research finds that:first of all,there is a threshold effect between enterprise financialization and enterprise innovation.When the threshold value is exceeded 0.0942,the enterprise financialization of strategic emerging industries will turn from unfavorable to conducive to enterprise innovation and development,which proves that there is a non-linear relationship between enterprise financialization and enterprise innovation in strategic emerging industries.And further clarify that when the level of enterprise financialization reaches 62.44%,the impact of enterprise financialization on enterprise innovation changes from inhibition to promotion;Secondly,different from the existing literature on the relationship between the effectiveness of internal control and enterprise innovation or enterprise financialization,the original expansion research is carried out under the same framework of enterprise financialization,enterprise innovation and the effectiveness of internal control,with the effectiveness of internal control as the regulating variable,When the level of financialization reaches46.43%,the impact of enterprise financialization on enterprise innovation appears an inflection point in advance,which clearly reveals the regulatory role of the effectiveness of internal control,and supplements the deficiency of previous literature which is mostly limited to the regulatory role of macroeconomic environmental factors;thirdly,from the perspectives of internal control elements,industry types and property rights,we should deeply explore the mechanism of the effectiveness of internal control on the relationship between enterprise financialization and enterprise innovation,and verify the regulatory effect and intensity of the effectiveness of internal control on enterprise financialization and enterprise innovation.Among the five elements of internal control,the regulatory effect of risk assessment is the most obvious,energy conservation and environmental protection industry High end equipment manufacturing industry,new material industry and other three types of related enterprises have the greatest regulatory effect on the effectiveness of internal control.The research results provide operable governance measures for China’s strategic emerging industry enterprises to make reasonable investment decisions and promote enterprise innovation and development.For enterprises,first of all,we should correctly view the enterprise financialization,scientifically and reasonably allocate financial assets,give full play to the"reservoir"effect of enterprise financialization and curb the"crowding out"effect;secondly,strengthen the construction of enterprise internal control system,build and improve internal control mechanisms such as intellectual property operation mechanism,and enhance the driving force of enterprise sustainable innovation;finally,realize the risk control of the whole process of enterprise innovation,improve the company’s information environment,regularly report and track innovation projects in real time,reduce the information friction of innovation projects,improve transparency and highlight the role of information and communication.As far as the government is concerned,we should promote the improvement of financial supervision mechanism,innovate capital support methods,guide enterprise entity investment,and jointly promote the expansion of investment in strategic emerging industries;at the same time,establish and improve the relevant systems of internal control,optimize the internal control mechanism,improve the guarantee of enterprise innovation internal control,and give better play to the regulatory role of internal control.