非国有企业金融化对创新水平的影响研究
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摘要
基于我国实体企业金融化的现状,文中以2012-2017年在深、沪证券交易所上市的非国有企业为样本,研究非国有企业不同的金融化动机对自身创新水平的差异影响。研究发现:①企业出于资金储备动机持有短期金融资产的行为,对创新投资具有激励作用;②企业出于市场套利动机持有长期金融资产的行为,对创新投资具有挤出效应。最终文中结合实证结果,提出引导企业端正金融化动机、协调实体经济与金融部门的关系等政策建议。
Based on the current situation of financialization of entity enterprises in China,this paper takes the non-state-owned enterprises listed on the Shenzhen Stock Exchange and Shanghai Stock Exchange in 2012-2017 as a sample to study the differential impact of different financialization motives of non-state-owned enterprises on their own innovation level. This study found that: ①the behavior of enterprises holding short-term financial assets due to capital reserve motives has an incentive effect on innovative investment; ②the behavior of enterprises holding long-term financial assets due to market arbitrage motive has a crowding-out effect on innovation. In the end,the paper combines the empirical results and proposes policy recommendations to guide enterprises to correct financial motives and coordinate the relationship between the real economy and the financial sector.
Based on the current situation of financialization of entity enterprises in China,this paper takes the non-state-owned enterprises listed on the Shenzhen Stock Exchange and Shanghai Stock Exchange in 2012-2017 as a sample to study the differential impact of different financialization motives of non-state-owned enterprises on their own innovation level. This study found that: ①the behavior of enterprises holding short-term financial assets due to capital reserve motives has an incentive effect on innovative investment; ②the behavior of enterprises holding long-term financial assets due to market arbitrage motive has a crowding-out effect on innovation. In the end,the paper combines the empirical results and proposes policy recommendations to guide enterprises to correct financial motives and coordinate the relationship between the real economy and the financial sector.
引文
[1]郭丽婷.企业金融化、融资约束与创新投资——基于中国制造业上市公司的经验研究[J].金融与经济,2018(5):57-62.
[2]胡奕明,王雪婷,张瑾.金融资产配置动机:“蓄水池”或“替代”——来自中国上市公司的证据[J].经济研究,2017,52(01):181-194.
[3]钟腾,汪昌云.金融发展与企业创新产出——基于不同融资模式对比视角[J].金融研究,2017(12):127-142.
[4]解维敏.“脱虚向实”与建设创新型国家:践行十九大报告精神[J].世界经济,2018,41(08):3-25.
[5]蔡宗朝,吴非,李华民.金融资产配置激励与企业创新[J/OL].金融理论与实践,2018(11):1-6[2018-11-12].
[6] Ang,J B. Does Foreign Aid Promote Growth Exploring the Role of Financial Liberalization[J]. Review of Development Economics. 2010,14(2):197-212.
[7] Alessandra B. Financial Integration,Productivity and Capital Accumulation[J]. Journal of International Economics,2008,76(2):337-355.
[8]杨筝,刘放,王红建.企业交易性金融资产配置:资金储备还是投机行为[J].管理评论,2017,29(02):13-25+34.
[9]陆正飞,韩非池.宏观经济政策如何影响公司现金持有的经济效应——基于产品市场和资本市场两重角度的研究[J].管理世界,2013(6):43-60.
[10]胡奕明,王雪婷,张瑾.金融资产配置动机:“蓄水池”或“替代”——来自中国上市公司的证据[J].经济研究,2017,52(01):181-194.
[11]彭俞超,韩珣,李建军.经济政策不确定性与企业金融化[J].中国工业经济,2018(01):137-155.
[12]李四海,陈旋,宋献中.穷人的慷慨:一个战略性动机的研究[J].管理世界,2016(5).
[13]解维敏,方红星.金融发展、融资约束与企业研发投入[J].金融研究,2011(5).
[14]Miller,M. H. and D. Orr. Model of the Demand for Money by Firms[J]. Quarterly Journal of Economics,1966,(80):413-435.
[15]连玉君,刘醒云,苏治.现金持有的行业特征:差异性与收敛性[J].会计研究,2011(07):66-72+97.
[2]胡奕明,王雪婷,张瑾.金融资产配置动机:“蓄水池”或“替代”——来自中国上市公司的证据[J].经济研究,2017,52(01):181-194.
[3]钟腾,汪昌云.金融发展与企业创新产出——基于不同融资模式对比视角[J].金融研究,2017(12):127-142.
[4]解维敏.“脱虚向实”与建设创新型国家:践行十九大报告精神[J].世界经济,2018,41(08):3-25.
[5]蔡宗朝,吴非,李华民.金融资产配置激励与企业创新[J/OL].金融理论与实践,2018(11):1-6[2018-11-12].
[6] Ang,J B. Does Foreign Aid Promote Growth Exploring the Role of Financial Liberalization[J]. Review of Development Economics. 2010,14(2):197-212.
[7] Alessandra B. Financial Integration,Productivity and Capital Accumulation[J]. Journal of International Economics,2008,76(2):337-355.
[8]杨筝,刘放,王红建.企业交易性金融资产配置:资金储备还是投机行为[J].管理评论,2017,29(02):13-25+34.
[9]陆正飞,韩非池.宏观经济政策如何影响公司现金持有的经济效应——基于产品市场和资本市场两重角度的研究[J].管理世界,2013(6):43-60.
[10]胡奕明,王雪婷,张瑾.金融资产配置动机:“蓄水池”或“替代”——来自中国上市公司的证据[J].经济研究,2017,52(01):181-194.
[11]彭俞超,韩珣,李建军.经济政策不确定性与企业金融化[J].中国工业经济,2018(01):137-155.
[12]李四海,陈旋,宋献中.穷人的慷慨:一个战略性动机的研究[J].管理世界,2016(5).
[13]解维敏,方红星.金融发展、融资约束与企业研发投入[J].金融研究,2011(5).
[14]Miller,M. H. and D. Orr. Model of the Demand for Money by Firms[J]. Quarterly Journal of Economics,1966,(80):413-435.
[15]连玉君,刘醒云,苏治.现金持有的行业特征:差异性与收敛性[J].会计研究,2011(07):66-72+97.