企业金融化、创新效率与新质生产力

Enterprise Financialization,Innovation Efficiency and New Quality Productivity

新质生产力是我国经济实现高质量发展的重要驱动因素,而科技创新是发展新质生产力的核心要素。基于此,以我国A股上市公司为样本,选用新质生产力为研究对象,探讨企业金融化对新质生产力的影响。研究结果表明,企业金融化程度越深,越不利于新质生产力的发展;且过度金融化不利于企业全要素生产率的提升。异质性检验结果表明,中西部地区企业与传统企业的金融化程度越高,对新质生产力的抑制作用更明显。路径分析表明,过度金融化会挤占企业用于研发创新的资金,降低企业的创新效率,不利于新质生产力的发展。因此,政府有关部门应制定相关法规政策,合理规制资本市场资金流向,避免实业资金过度集中于虚拟经济,有效引导金融资本支持实体企业创新,促进新质生产力的形成与发展。

New quality productivity is an important driving factor for China's economy to achieve high-quality development,and technological innovation is the core element in its development.Based on this,taking A-share listed companies in China as samples and selecting new quality productivity as the research object,this study explores the impact of corporate financialization on new quality productivity.The research results indicate that the deeper the degree of financialization of enterprises,the less conducive it is to the development of new quality productivity.Moreover,excessive financialization is not conducive to the improvement of total factor productivity of enterprises.The heterogeneity test results indicate that the higher the degree of financialization in enterprises located in the central and western regions as well as traditional enterprises,the more significant the inhibitory effect on new quality productivity.Path analysis shows that excessive financialization will squeeze out the funds used by enterprises for research and development innovation,reduce their innovation efficiency,and be detrimental to the development of new quality productivity.Therefore,relevant government departments should formulate relevant regulations and policies,reasonably regulate the flow of capital market funds,avoid excessive concentration of industrial capital in the virtual economy,effectively guide financial capital to support innovation in entity enterprises,and promote the formation and development of new quality productivity.