金融化方式、市场竞争与研发投资挤占——来自非金融上市公司的经验证据

发布时间：2018-03-10 02:24

本文选题：公司金融化　切入点：研发投资　出处：《科学学研究》2017年05期 　论文类型：期刊论文

【摘要】：本文以我国A股非金融上市公司为样本,研究公司金融化及其方式对研发投资的影响。研究发现:(1)公司金融化与研发投资强度显著负相关,即金融化对研发投资具有挤占效应;(2)进一步对金融化动机进行异质性划分发现,长期投资型金融化的研发投资挤占效应比短期投机型金融化更显著;(3)市场竞争越激励,公司研发投资强度越高,并对金融化的研发投资挤占效应具有一定调节效应。本文结果表明,研究公司金融化问题需要考虑其异质性动机,金融化动机对研发投资挤占具有差异性;虽然有些公司短期交易型金融资产占比公司畸高,但总体上短期交易型金融资产占比适中,而长期稳定型金融投资在公司金融化进程中占主导地位,这契合了当前上市公司参股合作并购模式盛行的现状。
[Abstract]:In this paper, a sample of A share non-financial listed companies is used to study the influence of financialization and its ways on R & D investment. It is found that the financialization of A shares is negatively correlated with R D investment intensity. That is to say, financialization has a crowding effect on R & D investment. (2) further heterogeneity division of financial motivation shows that the effect of long-term investment-oriented finance on R & D investment crowding is more significant than short-term speculative financialization. The higher the R & D investment intensity of the company is, the more it has a moderating effect on the financial R & D investment crowding effect. The results of this paper show that the heterogeneous motivation should be taken into account in the study of corporate financialization. Although the proportion of short-term transactional financial assets in some companies is extremely high, the proportion of short-term transactional financial assets in general is moderate. The long-term stable financial investment plays a leading role in the process of corporate financialization, which coincides with the prevailing mode of joint venture merger and acquisition of listed companies.
【作者单位】：安徽财经大学会计学院;合肥工业大学;
【基金】：安徽高校人文社科重点项目(SK2015A213) 安徽省社科规划基金(AHSKY2016D10)
【分类号】：F832.51

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