企业金融化对技术创新影响的实证研究——基于财务柔性的中介效应被引量：1

Empirical Study on the Impact of Corporate Financialization on Technological Innovation-Mediation Effect Based on Financial Flexibility

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摘要实体企业过度配置金融资产,严重影响了创新活动产出,不利于企业长期发展和国家强盛安定。利用沪深A股上市公司2018-2022年的数据,探究企业金融化行为对技术创新水平的影响,并考察财务柔性在该影响机制中发挥的中介作用。结果表明:企业金融化会显著抑制技术创新产出,“挤出效应”明显;财务柔性在企业金融化影响技术创新的机制中起传导的作用。进一步研究发现,企业金融化对技术创新的抑制作用以及财务柔性中介作用的发挥在国有企业中更为明显。提出了政府应鼓励企业大力发展实业、振兴实业,采取相应措施避免过度配置金融资产;企业自身应审慎把握配置金融资产和储备财务柔性的度,以技术创新促进企业可持续发展。 The excessive allocation of financial assets by physical enterprises seriously affects the output of innovation activities,which is not conducive to the long-term development of enterprises and the strength and stability of the country.This paper uses data from A-share listed companies in Shanghai and Shenzhen from 2018 to 2022 to explore the impact of corporate financialization behavior on technological innovation levels,and examines the mediating role of financial flexibility in this impact mechanism.Research has found that financialization of enterprises significantly suppresses technological innovation output,resulting in a significant crowding out effect;Financial flexibility plays a transmitting role in the mechanism by which corporate financialization affects technological innovation.Further research has found that the inhibitory effect of corporate financialization on technological innovation and the mediating role of financial flexibility are more pronounced in state-owned enterprises.Research suggests that the government should encourage enterprises to vigorously develop and revitalize industries,and take corresponding measures to avoid excessive allocation of financial assets;Enterprises themselves should prudently grasp the degree of flexibility in allocating financial assets and reserving financial resources,and promote sustainable development through technological innovation.

作者陈桃杨洪涛周礼勇 Chen Tao;Yang Hongtao;Zhou Liyong(College of Economics and Management,Southwest Forestry University,Kunming 650224,Yunnan,China)

机构地区西南林业大学经济管理学院

出处《绿色科技》 2024年第15期261-265,280,共6页 Journal of Green Science and Technology

基金云南省教育厅科学研究基金项目(编号:2023Y0798) 云南省教育厅科学研究基金项目(编号:2023J0724)。

关键词企业金融化财务柔性技术创新中介效应 enterprise financialization financial flexibility technological innovation intermediary effect

分类号 F830 [经济管理—金融学]

作者简介第一作者:陈桃(1998-),女,硕士研究生,研究方向为财务柔性;通讯作者:杨洪涛(1966-),男,博士,教授,硕士生导师,研究方向为财务柔性与内部控制。