金融资产配置与企业研发创新:“挤出”还是“挤入”

发布时间：2018-05-26 03:04

本文选题：金融资产配置 + 研发创新　；参考：《统计研究》2017年07期

【摘要】：面对日益凸显的"脱实向虚"格局,企业的研发创新行为将发生相应转变。本文利用2007—2015年非金融类上市公司的半年期数据,实证检验了金融资产配置对企业研发创新的影响,并考察了上述关系在不同类型企业之间的异质性。实证结果显示,金融资产配置会显著降低当期企业研发创新,但金融资产持有份额有助于推动未来时期的企业研发创新,而金融渠道获利则呈现抑制效应。同时,上述效应在不同子样本依旧存在,但金融资产持有份额的作用在私有企业中更为凸显。本文的研究结论表明,金融资产持有份额和金融渠道获利扮演着不同的角色,前者更多是"蓄水池"的功能,而后者更多是"替代品"功能。因此,为避免过度金融化带来的去工业化和产业空心化,加强对企业金融渠道获利的监管显得尤为关键。
[Abstract]:Facing the increasingly prominent pattern, R & D innovation behavior of enterprises will change accordingly. Based on the semi-annual data of non-financial listed companies from 2007 to 2015, this paper empirically examines the impact of financial asset allocation on R & D innovation, and examines the heterogeneity of the above relationships among different types of firms. The empirical results show that the allocation of financial assets will significantly reduce the R & D innovation of current enterprises, but the holding share of financial assets will help to promote R & D innovation in the future, while the profit from financial channels will have a restraining effect. At the same time, these effects still exist in different subsamples, but the role of financial asset holding shares is more prominent in private enterprises. The conclusion of this paper shows that the financial asset holding share and the financial channel profit play different roles. The former is more the function of "reservoir", while the latter is more "substitute" function. Therefore, in order to avoid the deindustrialization and industrial hollowing brought by excessive financialization, it is very important to strengthen the supervision of enterprise financial channel profit.
【作者单位】：复旦大学经济学院;
【基金】：国家自然科学基金重点项目“推动经济发达地区产业转型升级的机制与政策研究”(71333002) 国家社会科学基金重大项目“我国经济发展新常态的趋势性特征及政策取向研究”(15ZDA008) “文化名家暨四个一批”人才项目“中国的产业转型与就业变化:理论与经验研究”资助
【分类号】：F273.1;F832.4

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