企业金融化、创新投入与全要素生产率——基于中国制造业上市公司的实证检验

Enterprise Financialization,Innovation Investment and Total Factor Productivity——Empirical test based on listed companies in China's manufacturing industry

在企业金融化日趋严重的背景下,利用2014-2019年中国制造业上市公司微观数据,采用面板回归模型研究了企业金融化与全要素生产率的关系,并考察了创新投入的中介效应,研究结果表明:企业金融化显著抑制了全要素生产率的提升;创新投入在企业金融化和全要素生产率之间的关系中起到部分中介效应;企业金融化对全要素生产率的影响不受产权性质和研发强度的影响,但创新投入的中介效应受产权性质和研发强度的调节。政府有关部门应建立差异化的企业金融化引导模式,引导制造业企业回归实体经济,同时,也应积极鼓励企业加强研发创新投入。

Under the background of increasingly serious corporate financialization,based on the micro-data of China's listed manufacturing companies from 2014 to 2019,this paper utilizes the panel regression model to study the relationship between corporate financialization and total factor productivity,and investigates the intermediary effect of innovation investment.The results show that:Enterprise financialization significantly inhibits the improvement of total factor productivity;Mechanism test shows that innovation investment plays a partial intermediary effect in the relationship between enterprise financialization and total factor productivity;The heterogeneity test indicates that the impact of enterprise financialization on total factor productivity is not affected by the nature of property rights and R&D intensity,but the intermediary effect of innovation investment is regulated by the nature of property rights and R&D intensity.Relevant government departments should establish a differentiated enterprise financialization guidance model to guide manufacturing enterprises to return to the real economy;At the same time,enterprises should be actively encouraged to strengthen R&D and innovation investment.