金融学院知识库

从二十世纪七十年代金融业发展深化至今,世界经济金融化己成常态。从微观层次上分析,则体现为企业金融化,即非金融类企业通过采取配置金融资产的方法,进入金融领域获取利润。企业金融化的程度越深,就代表着它所占有的社会金融资产比例也愈高。随着中国的经济社会发展由以往的较高速度发展转为相对平稳发展,中国经济结构也迎来了全新的转变阶段。实体经济结构也陷入了转型阵痛期。实体企业的市场逐渐萧条、生产利润没有显著提升能力等问题逐渐出现。与此同时，中国金融市场的发展却蒸蒸日上,市场结构日益国际化、标准化,金融服务产品种类也不断创新。正是在此背景下,金融投资的高收益的特点吸引了众多企业，因此企业配置金融资产的比例也逐渐增多，这意味着金融化程度越来越深，因此形成了实体经济朝着虚拟经济倾斜的现象，这和十九大提倡的以实体经济为主体，虚拟经济为辅助的要求不相符。对于这一现象，一部分学者认为，相较于投资实体经济而言，资金流向金融领域能在更短的时间带来更高的收益，从而满足企业的资金需求，在一定程度上降低企业在融资方面的难度，即发挥企业金融化的“蓄水池效应”，从而能更好的促进企业创新，领导企业发展；同时也有另一部分学者认为，企业金融化并不能发挥所谓的“蓄水池”的作用。当企业的资金总数一定的情况下，投入金融领域的资金增多，必然会减少流向研发投入的资金，从而会对企业创新产生挤出效应。

目前，我国的经济发展的要求不再是追求快速的发展，而是要求保证高质量的发展，而这其中的关键就是企业能否进行持续的创新。企业是创新的主体，当其进行大规模的金融化活动时，对其创新到底是产生的是积极的促进作用还是消极的抑制作用值得我们深究。本文通过实证与案例相结合的方式，综合分析企业金融化对其创新产生的影响。在实证方面，选取我国创新频发的创业板企业2009年—2020年数据，通过最小二乘法构建模型进行分析，以融资约束理论、委托代理理论、挤出效应与蓄水池效应理论、金融深化与金融抑制理论为基础，并且区分资产类型、区分企业性质分组回归，从不同角度分析企业金融化对其创新的影响程度。

本文通过实证与案例相结合的方式得出以下结论：（1）企业为寻求高收益、缓解外部融资约束持有金融资产，有限的资金池中更多的资金流向金融领域，由此挤占研发创新投入资金，从而对企业创新产生挤出效应。（2）长期金融资产与短期金融资产相比，它的缺点是周转的时间长、流动性差、面临的风险较高，所以配置长期金融资产对企业创新的抑制作用大于短期金融资产。与此同时将房地产投资单独列出来，发现配置房地产投资资金对创新的抑制作用也大于短期金融资产。（3）与国有企业相比，非国有企业融资困难的问题只会更加的严重，融资约束也只会更大，因此更加依赖企业内部资金。因此与国有企业相比而言，非国有企业配置金融资产对创新的抑制效应更强。在案例方面，以网宿科技企业为研究对象，分析企业金融化程度以及进行金融化的结果，并且通过具体的数据，分析企业创新水平的程度，进而分析网宿科技金融化对创新产生的抑制的效应机制。最后综合实证与案例的分析结果提出相关的建议。

Since the 1970s, the development of the financial industry has become a normal in the world economy. From the micro level, it is reflected in the finalization of enterprises, that is, non-financial entity enterprises directly enter the field of financial capital to obtain capital profits by adopting the method of allocating financial assets. The deeper the financialization of smes, the higher the proportion of social financial assets it occupies. In recent years, the investment behavior of entering the capital field of enterprise financial institutions to obtain the profits of enterprise financial institutions. The deeper the degree of corporate financial institutionalization is, the higher the proportion of corporate financial assets it occupies. In recent years, as China's economic and social development has changed from a relatively high speed to a relatively stable development, China's economic structure has also ushered in a new stage of transformation, while the same real economy structure has also fallen into a transitional period. The market of real enterprises is gradually depressed, and the production profit is not significantly improved. However, at the same time, The development of China's financial market is booming, the market structure is increasingly internationalized and standardized, and the types of financial service products are constantly innovating. It is in this context that the high yield of financial investment attracts many enterprises, so the proportion of financial assets allocated by enterprises is gradually increasing, which means the degree of financialization is getting deeper and deeper. As a result, the real economy is tilting toward the virtual economy, which is inconsistent with the requirement of the 19th National Congress that the real economy should be the main body and the virtual economy should be the auxiliary.For this phenomenon, some scholars believe that, compared with investment in terms of the real economy, flows into the financial sector can bring higher yields, shorter time to meet the demand of enterprise funds, to a certain extent, reduce the enterprise in the financing difficulties, namely enterprise financialization "reservoir effect" into full play, so as to better promote the enterprise innovation, leading enterprise development. At the same time, some other scholars believe that corporate financialization cannot play the role of the so-called "reservoir". When the total amount of capital of an enterprise is constant, the increase of capital invested in the financial field will inevitably reduce the capital flowing to R&D investment, thus crowding out the enterprise innovation.

At present, the requirement of China's economic development is no longer to pursue rapid development, but to ensure high-quality development, and the key is whether enterprises can carry out continuous innovation. Enterprises are the main body of innovation. When they carry out large-scale financialization activities, it is worth studying deeply whether they have positive promoting effect or negative inhibiting effect on innovation.This paper analyzes the influence of enterprise financialization on its innovation by combining empirical and case studies. In empirical aspect, select the innovation of the gem companies in 2009-2020 data, build the model by the least squares method is analyzed, with financing constraints theory, principal-agent theory, the extrusion effect and reservoir effect theory and the theory of financial deepening and financial repression, and to distinguish the asset types, to distinguish the enterprise group to return to nature, This paper analyzes the influence of enterprise financialization on its innovation from different angles.

This paper draws the following conclusions through the combination of empirical and case studies :(1) in order to seek high returns and alleviate external financing constraints, enterprises hold financial assets, and more capital from the limited capital pool flows to the financial field, thus crowding out the investment capital of r&d and innovation, thus causing crowding out effect on enterprise innovation. (2) Compared with short-term financial assets, long-term financial assets have the disadvantages of long turnaround time, poor liquidity and higher risks. Therefore, allocation of long-term financial assets has a greater restraining effect on enterprise innovation than short-term financial assets. At the same time, when real estate investment is separately listed, it is found that the allocation of real estate investment capital has a greater effect on innovation than short-term financial assets. (3) Compared with state-owned enterprises, non-state-owned enterprises will only have more serious financing difficulties and greater financing constraints, so they are more dependent on internal funds of enterprises. Therefore, compared with state-owned enterprises, allocation of financial assets in non-state-owned enterprises has a stronger inhibition effect on innovation. In terms of the case, the financial degree of the enterprise and the results of the financialization are analyzed, and the degree of the innovation level of the enterprise is analyzed through specific data, and then the mechanism of the restraining effect of the financialization of the technology on innovation is analyzed. Finally, some suggestions are put forward based on the empirical results and case studies.