企业金融化对双元创新的影响:经济政策不确定性的调节效应

The Impact of Enterprise Financialization on Dual Innovation:the Moderating Effect of Economic Policy Uncertainty

选取2013—2020年中国上市公司数据,实证研究企业金融化程度对企业创新总投资及双元创新投资的影响,分析不同产权性质企业间的差异,并进一步探讨经济政策不确定性在其中的调节效应。研究发现中国企业的金融化程度会显著抑制创新研发投入,特别是探索式创新研发投入,且这种效应在非国有企业中表现得更显著,而经济政策的不确定性可以在一定程度上缓解这种抑制效应。研究结论对抑制企业“脱实向虚”现象、促进企业提高创新能力、贯彻实施创新驱动战略及促进经济的高质量发展提供一定的参考。

Based on the data of China’s listed companies from 2013 to 2020,the impact of the degree of enterprise financialization on the total innovation investment and dual innovation investment of enterprises is empirically studied,the differences between enterprises with different property rights is analyzed,and further discusses the moderating effect of economic policy uncertainty.It is found that the degree of financialization of Chinese enterprises significantly inhibit innovation R&D investment,especially exploratory innovation R&D investment,While the effects are more significant in non-state-owned enterprises,economic policy uncertainty can alleviate those inhibitory effect to a certain extent.The conclusions can provide some reference for restraining financialization of enterprises and improving innovation alibility of enterprises,thus implementing the innovation-driven strategy and promoting high-quality development of the economy.