企业金融化、生命周期与持续性创新——基于行业分类的实证研究
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摘要
企业创新问题并非仅仅是短期的研发投入,更是具有连续性的长期不断投入的过程。文章基于企业金融化日趋严重的现实背景,利用2007-2017年中国A股非金融上市公司的面板数据,在新结构经济学关于资源禀赋结构的理论框架下实证检验了企业金融化对持续性创新的影响作用,并同时考虑不同生命周期和行业特征的影响机制。研究发现,企业金融化对非金融上市公司的持续性创新表现具有抑制作用-即"挤出"效应,而这种"挤出"效应在企业成长期尤为强烈。随着企业生命周期阶段的延伸,这种抑制作用被削弱。进一步分行业的研究结果显示,不同行业的上市公司,在不同生命周期阶段受企业金融化"挤出"效应的影响存在一定的差异。总体而言,文章拓展了持续性创新的研究情境,为新结构经济学在微观层面的应用和拓展提供了实证证据,对推动我国经济长远发展的路径选择具有一定的参考意义。
Enterprise innovation is not only a short-term R&D investment, but also a persistent process of long-term investment. Based on the fact of the incline of financialization in Chinese enterprises, this paper implies the theory of new structural economics, utilizing a micro-data of A-listed companies in Chinese Exchange Stock Market, to test the impact of financialization on the persistence of innovation, while considering the role of life cycle and industrial difference. The results show that financialization has an inhibitory effect on the persistent innovation performance of non-financial listed companies, i.e. crowding-out effect, which is especially strong in the growth period of enterprises. With the extension of the life cycle stage of enterprises, this inhibitory effect is weakened. The results of further industry-specific research also show that listed companies in different industries are affected by the "crowding-out" effect of financialization at different stages of their life cycle. Generally speaking, this paper expands the research situation of persistent innovation, provides empirical evidence for the application and expansion of new structural economics at the micro level, and has certain reference significance for promoting the path choice of long-term economic development in China.
Enterprise innovation is not only a short-term R&D investment, but also a persistent process of long-term investment. Based on the fact of the incline of financialization in Chinese enterprises, this paper implies the theory of new structural economics, utilizing a micro-data of A-listed companies in Chinese Exchange Stock Market, to test the impact of financialization on the persistence of innovation, while considering the role of life cycle and industrial difference. The results show that financialization has an inhibitory effect on the persistent innovation performance of non-financial listed companies, i.e. crowding-out effect, which is especially strong in the growth period of enterprises. With the extension of the life cycle stage of enterprises, this inhibitory effect is weakened. The results of further industry-specific research also show that listed companies in different industries are affected by the "crowding-out" effect of financialization at different stages of their life cycle. Generally speaking, this paper expands the research situation of persistent innovation, provides empirical evidence for the application and expansion of new structural economics at the micro level, and has certain reference significance for promoting the path choice of long-term economic development in China.
引文
[1]蔡明荣,任世驰.企业金融化:一项研究综述[J].财经科学,2014,(7):41-51.
[2]杜勇,张欢,陈建英.金融化对实体企业未来主业发展的影响:促进还是抑制[J].中国工业经济,2017,(12):113-131.
[3]段海艳.企业持续创新研究最新进展[J].财会月刊,2017,(27):77-81.
[4]谷丰,张林,张凤元.生命周期、高管薪酬激励与企业创新投资——来自创业板上市公司的经验证据[J].中南财经政法大学学报,2018,(1):146-156.
[5]黄宏斌,翟淑萍,陈静楠.企业生命周期、融资方式与融资约束——基于投资者情绪调节效应的研究[J].金融研究,2016,(7):96-112.
[6]鞠晓生,卢荻,虞义华.融资约束、营运资本管理与企业创新可持续性[J].经济研究,2013,(1):4-16.
[7]李云鹤,李湛,唐松莲.企业生命周期、公司治理与公司资本配置效率[J].南开管理评论,2011,(3):110-121.
[8]林毅夫.新结构经济学——重构发展经济学的框架[J].经济学(季刊),2010,(1):1-32.
[9]刘诗白.论过度金融化与美国的金融危机[J].经济学家,2010,(6):5-14.
[10]鲁桐,党印.公司治理与技术创新:分行业比较[J].经济研究,2014,(6):115-128.
[11]罗知,张川川.信贷扩张、房地产投资与制造业部门的资源配置效率[J].金融研究,2015,(7):60-75.
[12]宋军,陆旸.非货币金融资产和经营收益率的U形关系——来自我国上市非金融公司的金融化证据[J].金融研究,2015,(6):111-127.
[13]王红建,曹瑜强,杨庆,等.实体企业金融化促进还是抑制了企业创新——基于中国制造业上市公司的经验研究[J].南开管理评论,2017,(1):155-166.
[14]王红建,李茫茫,汤泰劼.实体企业跨行业套利的驱动因素及其对创新的影响[J].中国工业经济,2016,(11):73-89.
[15]向刚.企业持续创新:理论研究基础、定义、特性和基本类型[J].科学学研究,2005,(1):134-138.
[16]谢家智,王文涛,江源.制造业金融化、政府控制与技术创新[J].经济学动态,2014,(11):78-88.
[17]杨兴全,申艳艳,尹兴强.外资银行进入与公司投资效率:缓解融资约束抑或抑制代理冲突?[J].财经研究,2017,(2):97-108.
[18]张成思,张步昙.再论金融与实体经济:经济金融化视角[J].经济学动态,2015,(6):56-66.
[19]张明,罗灵.民营企业金融化影响生产率的实证研究——基于中国A股民营上市公司的经验分析[J].经济体制改革,2017,(5):155-161.
[20]周彬,谢佳松.虚拟经济的发展抑制了实体经济吗?——来自中国上市公司的微观证据[J].财经研究,2018,(11):74-89.
[21]Aboody D, Lev B. The value relevance of intangibles:The case of software capitalization[J]. Journal of Accounting Research,1998,36:161-191.
[22]Arizala F, Cavallo E, Galindo A. Financial development and TFP growth:Cross-country and industry-level evidence[J].Applied Financial Economics,2013,23(6):433-448.
[23]Beck T, Degryse H, Kneer C. Is more finance better? Disentangling intermediation and size effects of financial systems[J]. Journal of Financial Stability,2014,10:50-64.
[24]Berger A N, Udell G F. The economics of small business finance:The roles of private equity and debt markets in the financial growth cycle[J]. Journal of Banking&Finance,1998,22(6-8):613-673.
[25]Brown J R, Petersen B C. Cash holdings and R&D smoothing[J]. Journal of Corporate Finance,2011,17(3):694-709.
[26]Cumming D, Johan S. Phasing out an inefficient venture capital tax credit[J]. Journal of Industry, Competition and Trade,2010,10(3-4):227-252.
[27]Demir F. Financial liberalization, private investment and portfolio choice:Financialization of real sectors in emerging markets[J]. Journal of Development Economics,2009,88(2):314-324.
[28]Dickinson V. Cash flow patterns as a proxy for firm life cycle[J]. Accounting Review,2011,86(6):1969-1994.
[29]Geroski P A, van Reenen J, Walters C F. How persistently do firms innovate?[J]. Research Policy,1997,26(1):33-48.
[30]Jang S, Chung J. How do interaction activities among customers and between customers and firms influence market performance and continuous product innovation? An empirical investigation of the mobile application market[J]. Journal of Product Innovation Management,2015,32(2):183-191.
[31]Krippner G R. The financializationof the American economy[J]. Socio-Economic Review,2005,3(2):173-208.
[32]Lazonick W. Sustainable prosperity in the new economy? Business organization and high-tech employment in the United States[M]. Kalamazoo:W.E. Upjohn Institute, 2009.
[33]Le Bas C L, Cabagnols A, Gay C. An evolutionary view on persistence in innovation:An empirical application of duration models[A]. Saviotti P P.Applied evolutionary economics:New empirical methods and simulation techniques[M].Cheltenham:Edward Elgar Publishing, 2003.
[34]Orhangazi?. Financialization and capital accumulation in the non-financial corporate sector:A theoretical and empirical investigation on the US economy:1973-2003[J]. Cambridge Journal of Economics,2008,32(6):863-886.
[35]Pablo J, Ortiz D. Financialization:The AIDS of economic system[J]. Ensayos de Economía,2014,23(44):55-73.
[36]Palley T I. Financialization:What it is and why it matters[A]. Palley T I. Financialization:The economics of finance capital domination[C]. London:Palgrave Macmillan, 2013.
[37]Raymond W, Mohnen P, Palm F, et al. Persistence of innovation in Dutch manufacturing:Is it spurious?[J]. Review of Economics and Statistics,2010,92(3):495-504.
[38]Smith K. Measuring innovation[A]. Fagerberg J, Mowery D C, Nelson R R. TheOxford handbook of innovation[C].Oxford:Oxford University Press, 2005:21-22.
[39]Stulz R M. Rethinking risk management[J]. Journal of Applied Corporate Finance,1996,9(3):8-25.
[40]Suárez D. Persistence of innovation in unstable environments:Continuity and change in the firm’s innovative behavior[J]. Research Policy,2014,43(4):726-736.
[41]Theurillat T, Corpataux J, Crevoisier O. Property sector financialization:The case of Swiss pension funds(1992-2005)[J]. European Planning Studies,2010,18(2):189-212.
(1)数据来源于国家知识产权局http://www.sipo.gov.cn/和历年《中国科技统计年鉴》。
[2]杜勇,张欢,陈建英.金融化对实体企业未来主业发展的影响:促进还是抑制[J].中国工业经济,2017,(12):113-131.
[3]段海艳.企业持续创新研究最新进展[J].财会月刊,2017,(27):77-81.
[4]谷丰,张林,张凤元.生命周期、高管薪酬激励与企业创新投资——来自创业板上市公司的经验证据[J].中南财经政法大学学报,2018,(1):146-156.
[5]黄宏斌,翟淑萍,陈静楠.企业生命周期、融资方式与融资约束——基于投资者情绪调节效应的研究[J].金融研究,2016,(7):96-112.
[6]鞠晓生,卢荻,虞义华.融资约束、营运资本管理与企业创新可持续性[J].经济研究,2013,(1):4-16.
[7]李云鹤,李湛,唐松莲.企业生命周期、公司治理与公司资本配置效率[J].南开管理评论,2011,(3):110-121.
[8]林毅夫.新结构经济学——重构发展经济学的框架[J].经济学(季刊),2010,(1):1-32.
[9]刘诗白.论过度金融化与美国的金融危机[J].经济学家,2010,(6):5-14.
[10]鲁桐,党印.公司治理与技术创新:分行业比较[J].经济研究,2014,(6):115-128.
[11]罗知,张川川.信贷扩张、房地产投资与制造业部门的资源配置效率[J].金融研究,2015,(7):60-75.
[12]宋军,陆旸.非货币金融资产和经营收益率的U形关系——来自我国上市非金融公司的金融化证据[J].金融研究,2015,(6):111-127.
[13]王红建,曹瑜强,杨庆,等.实体企业金融化促进还是抑制了企业创新——基于中国制造业上市公司的经验研究[J].南开管理评论,2017,(1):155-166.
[14]王红建,李茫茫,汤泰劼.实体企业跨行业套利的驱动因素及其对创新的影响[J].中国工业经济,2016,(11):73-89.
[15]向刚.企业持续创新:理论研究基础、定义、特性和基本类型[J].科学学研究,2005,(1):134-138.
[16]谢家智,王文涛,江源.制造业金融化、政府控制与技术创新[J].经济学动态,2014,(11):78-88.
[17]杨兴全,申艳艳,尹兴强.外资银行进入与公司投资效率:缓解融资约束抑或抑制代理冲突?[J].财经研究,2017,(2):97-108.
[18]张成思,张步昙.再论金融与实体经济:经济金融化视角[J].经济学动态,2015,(6):56-66.
[19]张明,罗灵.民营企业金融化影响生产率的实证研究——基于中国A股民营上市公司的经验分析[J].经济体制改革,2017,(5):155-161.
[20]周彬,谢佳松.虚拟经济的发展抑制了实体经济吗?——来自中国上市公司的微观证据[J].财经研究,2018,(11):74-89.
[21]Aboody D, Lev B. The value relevance of intangibles:The case of software capitalization[J]. Journal of Accounting Research,1998,36:161-191.
[22]Arizala F, Cavallo E, Galindo A. Financial development and TFP growth:Cross-country and industry-level evidence[J].Applied Financial Economics,2013,23(6):433-448.
[23]Beck T, Degryse H, Kneer C. Is more finance better? Disentangling intermediation and size effects of financial systems[J]. Journal of Financial Stability,2014,10:50-64.
[24]Berger A N, Udell G F. The economics of small business finance:The roles of private equity and debt markets in the financial growth cycle[J]. Journal of Banking&Finance,1998,22(6-8):613-673.
[25]Brown J R, Petersen B C. Cash holdings and R&D smoothing[J]. Journal of Corporate Finance,2011,17(3):694-709.
[26]Cumming D, Johan S. Phasing out an inefficient venture capital tax credit[J]. Journal of Industry, Competition and Trade,2010,10(3-4):227-252.
[27]Demir F. Financial liberalization, private investment and portfolio choice:Financialization of real sectors in emerging markets[J]. Journal of Development Economics,2009,88(2):314-324.
[28]Dickinson V. Cash flow patterns as a proxy for firm life cycle[J]. Accounting Review,2011,86(6):1969-1994.
[29]Geroski P A, van Reenen J, Walters C F. How persistently do firms innovate?[J]. Research Policy,1997,26(1):33-48.
[30]Jang S, Chung J. How do interaction activities among customers and between customers and firms influence market performance and continuous product innovation? An empirical investigation of the mobile application market[J]. Journal of Product Innovation Management,2015,32(2):183-191.
[31]Krippner G R. The financializationof the American economy[J]. Socio-Economic Review,2005,3(2):173-208.
[32]Lazonick W. Sustainable prosperity in the new economy? Business organization and high-tech employment in the United States[M]. Kalamazoo:W.E. Upjohn Institute, 2009.
[33]Le Bas C L, Cabagnols A, Gay C. An evolutionary view on persistence in innovation:An empirical application of duration models[A]. Saviotti P P.Applied evolutionary economics:New empirical methods and simulation techniques[M].Cheltenham:Edward Elgar Publishing, 2003.
[34]Orhangazi?. Financialization and capital accumulation in the non-financial corporate sector:A theoretical and empirical investigation on the US economy:1973-2003[J]. Cambridge Journal of Economics,2008,32(6):863-886.
[35]Pablo J, Ortiz D. Financialization:The AIDS of economic system[J]. Ensayos de Economía,2014,23(44):55-73.
[36]Palley T I. Financialization:What it is and why it matters[A]. Palley T I. Financialization:The economics of finance capital domination[C]. London:Palgrave Macmillan, 2013.
[37]Raymond W, Mohnen P, Palm F, et al. Persistence of innovation in Dutch manufacturing:Is it spurious?[J]. Review of Economics and Statistics,2010,92(3):495-504.
[38]Smith K. Measuring innovation[A]. Fagerberg J, Mowery D C, Nelson R R. TheOxford handbook of innovation[C].Oxford:Oxford University Press, 2005:21-22.
[39]Stulz R M. Rethinking risk management[J]. Journal of Applied Corporate Finance,1996,9(3):8-25.
[40]Suárez D. Persistence of innovation in unstable environments:Continuity and change in the firm’s innovative behavior[J]. Research Policy,2014,43(4):726-736.
[41]Theurillat T, Corpataux J, Crevoisier O. Property sector financialization:The case of Swiss pension funds(1992-2005)[J]. European Planning Studies,2010,18(2):189-212.
(1)数据来源于国家知识产权局http://www.sipo.gov.cn/和历年《中国科技统计年鉴》。