基于面板数据的企业金融化与研发投入的实证分析

Empirical Analysis of Enterprise Financialization andR & D Investment Based on Panel Data

当前我国处于经济转型重要阶段,制造业作为实体经济的主体,逐步出现企业金融化的趋势,企业金融化对于企业的研发投入影响重大。文章以我国沪深两市上市的制造业企业为例,分析企业金融化对研发投入的影响以及考察企业内部控制在研发投入与企业金融化的调节作用。利用SPSS统计分析软件对面板数据进行实证分析,得到以下结论:(1)对我国制造业企业而言,企业金融化与研发投入存在显著的负向相关关系。(2)企业内部控制质量对企业金融化与研发投入之间存在调节作用,且提高内控质量能够有效抑制企业金融化对研发投入的挤出效应。文章还对被解释变量的度量方法进行更改从而进行稳健性检验,在深入分析企业金融化对研发投入的作用机制的基础上,明确了企业金融化的成因和理论基础,并从切实可行的前提出发根据实证结论和现状问题,提出相应的政策建议。

At present,China is in an important stage of economic transformation.As the main body of the real economy,the manufacturing industry gradually shows the trend of enterprise financialization.Enterprise financialization has a significant impact on the R&D investment of enterprises.Therefore,this paper takes the manufacturing enterprises listed in Shanghai and Shenzhen as an example to analyze the impact of enterprise financialization on R&D investment and investigate the regulatory role of enterprise internal control in R&D investment and enterprise financialization.SPSS statistical analysis software is used for empirical analysis of panel data and the conclusions are as follows:(1)For China's manufacturing enterprises,a prominent negative correlation exists between enterprises financialization and R&D investment.(2)The quality of enterprise internal control in enterprises has a regulatory effect on the relationship between enterprises financialization and R&D investment,and the improvement of internal quality control can be able to inhibit the crowding-out effect of enterprises financialization on R&D investment effectively.In addition,robustness tests are performed by changing the measures of the explained variables.Based on the in-depth analysis of the mechanism of enterprise financialization on R&D investment,the causes and theoretical basis of enterprise financialization are clarified.And starting from the feasible premise,this paper makes corresponding policy recommendations according to the empirical conclusions and current situation.