实体企业金融化与创新投入的非线性效应研究

The Research on Nonlinear Effects of Financialization and Innovation Investment of Entity Enterprises

建设高效的创新体系是实现经济高质量发展的支撑,然而实体企业金融化对企业创新投入形成严峻挑战。本文以2007—2020年非金融类上市公司为样本,考察实体企业金融化影响创新投入的效应。研究发现:第一,实体企业金融化与其创新投入之间呈现稳健的“倒U型”关系。第二,在金融化的较低阶段,企业基于预防性动机持有金融资产,金融资产的“蓄水池效应”居主导地位且有效促进了企业创新投入;但随着金融化水平提高,企业基于投机动机增持金融资产,金融资产的“财富效应”居主导地位且挤占了企业创新投入。第三,实体企业金融化与其创新投入之间的倒U型关系受到企业CEO的专业技术背景、产权属性和所在行业竞争激烈程度的调节。研究结论对于客观认识企业金融化的动机与效应,针对性地提出治理企业金融化的政策、推动经济“脱虚返实”和完善创新体系建设具有重要意义。

Building an efficient innovation system is the support to achieve high-quality economic development. However, the financialization of real enterprises poses a severe challenge for the innovation investment of enterprises.This paper takes the non-financial listed companies from 2007 to 2020 as a sample to investigate the effect of the financialization of real enterprises on innovation investment.The research finds that, Firstly, there is a robust “inverted U-shaped” relationship between the financialization of real enterprises and their innovation input.Secondly, it shows that in the lower stage of financialization, enterprises hold financial assets based on precautionary motives, and the “reservoir effect” of financial assets dominates and promotes enterprise innovation investment;but with the level of financialization to improve, enterprises increase their holdings of financial assets based on speculative motives, and the“wealth effect”of financial assets dominates and squeezes enterprises’ innovation investment.Thirdly, the “inverted U-shaped” relationship between the financialization of real enterprises and their innovation investment is regulated by the CEO’s professional technical background, property rights, and the degree of competition in the industry.The research conclusions are of great significance for objectively understanding the motives and effects of corporate financialization, proposing targeted policies for corporate financialization, promoting economic“returning from the virtual to reality”and improving the construction of the innovation system.