摘要
选取2005-2019年非金融企业为研究样本,实证研究企业金融化对创新水平的影响,并重点阐释外部监督在影响效应中所发挥的具体作用。结果表明,企业金融化能够降低创新水平,但外部监督环境能够弱化企业金融化对创新水平影响,特别缓解管理层短视效应以及降低信息不对称性是外部监督影响企业金融化与创新关系重要传导机制。提高企业创新水平来自企业微观层面新证据,对促进实体经济健康及有序发展具有重要的实践指导意义。
Non-financial enterprises from 2005 to 2019 were selected as the sample to empirically study the impact of enterprise financialization on innovation level,and focused on the specific role of external supervision in this effect.The results showed that enterprise financialization could restrain innovation level,but the external supervision environment could weaken the negative effect of enterprise financialization on innovation level.Specifically,external supervision would affect the enterprise financialization and innovation level through several mechanisms:alleviating the short-sight of management and reducing information asymmetry.The research results provided new evidence from the external micro level for improving the level of enterprise innovation,and had important practical guiding significance for promoting the healthy and orderly development of real economy.
作者
李颖佳
Li Yingjia(College of Economics,Qingdao University,Qingdao266100)
出处
《黑龙江八一农垦大学学报》
2023年第4期96-104,共9页
journal of heilongjiang bayi agricultural university
关键词
企业金融化
外部监督
创新水平
信息不对称性
管理层短视
financialization of enterprises
external supervision
innovation level
information asymmetry
management myopia
作者简介
李颖佳(1996-)女,青岛大学经济学院2020级研究生。
