金融资产配置、地区金融发展与企业创新行为——基于探索式创新和开发式创新的视角被引量：2

Financial Asset Allocation,Regional Financial Development and Enterprise Innovation Behavior——Based on the Perspective of Exploratory Innovation and Exploitative Innovation

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摘要基于实体经济“脱实向虚”的现实背景以及更好地实现创新强国目标,本文利用中国A股非金融类上市公司数据,探讨了不同动机下的金融资产配置对企业创新行为的影响。研究发现,相对于开发式创新,金融资产配置对企业的探索式创新具有显著影响,且短期金融资产能促进企业的探索式创新,长期金融资产会抑制企业的探索式创新。机制检验表明,短期金融资产配置通过研发投入和现金流水平机制作用于探索式创新,长期金融资产配置通过“获利效应”和“替代效应”机制影响探索式创新。金融资产配置对企业探索式创新的影响在低主业盈利能力和股权激励不足的企业中更显著。考虑外部金融环境影响后,地区金融发展对金融资产配置与企业探索式创新具有显著调节作用,且这一调节作用因企业性质的不同有所差异。 Based on the realistic background of the real economy“shifting from real to virtual”and the urgent task of realizing the goal of strengthening the country through innovation,this paper discusses the influence of financial asset allocation on enterprise innovation behavior under different motivations by using the data of China’s A-share non-financial listed companies.The results show that,compared with developmental innovation,financial asset allocation has a significant impact on firms’exploratory innovation,and short-term financial assets can promote firms’exploratory innovation,while long-term financial assets can inhibit firms’exploratory innovation.The mechanism test results show that short-term financial asset allocation affects exploratory innovation through the mechanism of R&D investment and cash flow level,while long-term financial asset allocation affects exploratory innovation through the mechanism of“profit effect”and“substitution effect”.Furthermore,the impact of enterprises’financial asset allocation on exploratory innovation is more significant in enterprises with low main business profitability and insufficient equity incentive.After considering the impact of external financial environment,regional financial development has a significant moderating effect on financial asset allocation and firms’exploratory innovation,and this moderating effect varies with the nature of the enterprise.

作者汤颖梅王乐陈俊聪 TANG Ying-mei;WANG Le;CHEN Jun-cong(College of Finance,Nanjing Agricultural University,Nanjing 210095,China)

机构地区南京农业大学金融学院

出处《商业研究》 CSSCI 北大核心 2023年第5期111-120,共10页 Commercial Research

基金教育部人文社科基金项目“人工智能对中国制造业价值链升级的影响研究:机制、效果及对策”,项目编号:21YJC790011。

关键词金融资产配置探索式创新开发式创新地区金融发展 financial asset allocation exploratory innovation exploitative innovation regional financial development

分类号 F832 [经济管理—金融学] F275 [经济管理—企业管理] F273.1 [经济管理—企业管理]

作者简介汤颖梅(1971-),女,黑龙江哈尔滨人,教授,博士,研究方向:公司金融、农村金融;王乐(1992-),女,陕西咸阳人,博士研究生,研究方向:公司金融、技术创新;陈俊聪(1984-),男,江苏宜兴人,副教授,博士,研究方向:农村金融、农村经济。