摘要
为理解中国实体经济“脱实向虚”的长短期投资错配问题,文章利用2007—2019年中国A股上市非金融企业的季度数据,实证分析公司特质不确定性、企业金融化和创新投资三者之间的关系及传导路径。结果表明,公司特质不确定性对非金融企业的创新投资具有显著负向作用;而且上述结果主要受到民营企业、制造业企业和高新技术企业样本的驱动。在机制分析中,公司特质不确定性上升使得非金融企业增加配置金融资产,但减弱其股东价值导向;同时企业金融化(金融资产配置和股东价值导向)对创新投资有显著负向作用。文章的研究结论表明,对于中国当前稳预期、重实体与促创新的政策措施应当采用系统性的思维考察,要充分考虑到其复杂性与动态性。
In order to understand the long-term and short-term investment mismatch of China’s real economy,this paper em‐pirically analyzes the relationship among corporate idiosyncratic uncertainty,firm financialization and innovation investment by using the quarterly data of China’s A-share listed non-financial enterprises from 2007 to 2019.The results show that cor‐porate idiosyncratic uncertainty has a significant negative effect on innovation investment of non-financial firms.This may in‐dicate that the real option effect is the main mechanism in the process of uncertainty affecting the innovation investment of re‐al firms in China,and the future strategic“preemption/growth”effect caused by firm innovation investment is still secondary.The irreversibility of assets and the high adjustment cost of enterprises’innovation investment still greatly hinder the initia‐tive of innovation.In the heterogeneity analysis,compared with state-owned enterprises,non-manufacturing enterprises and non-high tech enterprises,the innovation investment of private enterprises,manufacturing enterprises and high-tech enterprises is sig‐nificantly negatively affected by corporate idiosyncratic uncertainty.On one hand,private enterprises,manufacturing enter‐prises and high-tech enterprises are sensitive to changes in the macro market environment,vulnerable to formal financing constraints limit the entity enterprise,this is because the“soft budget constraint”of the existence and financing discrimina‐tion,makes these three kinds of enterprises are relatively difficult to obtain formal bank credit.On the other hand,due to their own innovation investment assets specificity is stronger,and at present China’s treatment of investment assets disposal need search cost and clearing cost is higher,lead to these enterprises to innovate sunk cost is higher.Therefore,under the company idiosyncratic uncertainty impact,they will choose to reduced innovation investment which the investment period and return period is relatively long.In the mechanism analysis,the increase of corporate idiosyncratic uncertainty makes non-financial firms increase the al‐location of financial assets,but weakens shareholder value orientation.However,firm financialization(financial asset alloca‐tion and shareholder value orientation)has a significant negative effect on innovation investment.In a word,firm financialization plays an important role in the impact path of corporate idiosyncratic uncertainty on inno‐vation investment.The results show that corporate idiosyncratic uncertainty not only has a direct effect on innovation invest‐ment,but also has an indirect effect on innovation investment through firm financialization.In terms of economic significance,the financialization of non-financial firms increases by 0.97 percentage points with each increase of one standard deviation of corporate idiosyncratic uncertainty.However,when the financialization of non-financial enterprises increases by one standard deviation,innovation investment decreases by 0.773 percentage points.Therefore,the rising corporate idiosyncratic uncertain‐ty will strengthen the trend of firm financialization on the whole and hinder innovation investment through the intermediate path of firm financialization.Compared with the previous research,the possible contribution margin is:first,different from the past from the macro level uncertainty(macroeconomic uncertainty or policy uncertainty),based on the micro level of corporate idiosyncratic uncer‐tainty,investigate its influence on non-financial enterprise innovation investment activities,enrich the impact of corporate id‐iosyncratic uncertainty on the micro enterprise behavior research.Secondly,this paper studies the mechanism effect of firm fi‐nancialization on the impact of corporate idiosyncratic uncertainty on innovation investment,deepening the relevant research on the relationship between uncertainty and innovation,and helping to expand the relevant literature on innovation econom‐ics.The research results of this paper have certain reference value for understanding how non-financial enterprises change their short-term and long term investment allocation in the face of uncertainty in the developing country,and show that Chi‐na’s current policy measures to stabilize expectations,emphasize entity economy and promote innovation should be systemati‐cally examined,and its complexity and dynamic nature should be fully considered.
作者
钟华明
刘志铭
Zhong Huaming;Liu Zhiming
出处
《南方经济》
CSSCI
北大核心
2023年第3期94-112,共19页
South China Journal of Economics
关键词
公司特质不确定性
企业金融化
创新投资
Corporate Idiosyncratic Uncertainty
Firm Financialization
Innovation Investment
作者简介
钟华明,广东外语外贸大学金融学院,E-mail:zhhuaming@163.com,通讯地址:广东省广州市白云区白云大道北2号科研楼,邮编:510420;通讯作者:刘志铭,华南师范大学经济与管理学院,华南师范大学区域经济研究中心,E-mail:liuzhiming@scnu.edu.cn,邮编:510006。
