金融学院知识库

我国经济正处于高质量发展的转型期，创新是实现高质量发展的第一动力。企业创新活动存在周期长、结果不稳定、资金需求量大等高风险性特征，仅依赖于企业内源融资很难完全满足，更多需要借助于外源融资。中小企业长期面临的融资约束困境在一定程度上制约了其创新能力。随着金融市场建设的不断完善，企业金融化现象凸显，对企业的创新影响存在不确定性。一方面，基于金融资产的收益性和流动性，企业可以获得超额收益，有助于企业开展创新活动。另一方面，在资源有限的情况下，企业将资金运用于配置金融资产，可能减少创新资金的投入。企业金融化是否会抑制企业创新，企业金融化、融资约束和企业创新之间有无关联，对这些问题展开深入研究具有重要价值。

本文以2012—2022年A股上市非金融类上市企业为样本，采用实证分析方法，探究以下三方面问题：（1）探究企业金融化与创新的关系；（2）研究融资约束在企业金融化影响企业创新的中介作用；（3）按照企业属性、行业和区域划分等不同，探究企业金融化对企业创新的影响。为了探究以上问题，本文内容安排如下：首先通过研究背景和现实状况提出问题，梳理有关文献引出本文研究主题；其次界定关键变量概念并提出研究假设；再次选取样本数据和设定检验模型；最后根据实证分析的结果得出结论，并提出相应政策建议。

本文依据以上研究得出以下结论：（1）非金融企业金融化会抑制企业创新；（2）融资约束在企业金融化对企业创新的影响中充当部分中介作用，即上市非金融企业金融化通过融资约束影响企业创新；（3）国有企业与非国有企业相比，国有企业金融化对企业创新的抑制作用更加明显；相较于全样本回归，制造业企业金融化对企业创新的抑制效果更明显；东部和中部地区企业金融化对企业创新有显著抑制作用，而西部和东北地区回归结果不显著。

基于以上研究结论，本文提出几点建议：政府一方面要进一步完善金融制度，提高金融服务效率，加快纾解中小企业融资困境，另一方面要强化对企业创新成果的保护。企业必须正确认识金融化，严格控制金融化风险，同时，要增强创新意识，谋划企业的长远高质量发展。

China's economy is in the transition period of high-quality development, and the state has issued various policies to encourage enterprises to innovate and provide new growth points for economic growth. If enterprises want to innovate, they cannot do without the support of long-term funds, but the characteristics of long cycle, unstable results, large demand for capital, and high risk, making it difficult for enterprises to obtain the support of external financing, so enterprise innovation depends more on the support of internal funds. Enterprises allocate financial assets based on the profitability and liquidity of financial assets, so that enterprises can obtain excess returns and help enterprises to carry out innovative activities. At the same time, in the case of limited resources, enterprises will use the funds to allocate financial assets, then it is possible to reduce the investment of enterprise innovation funds. In order to explore how enterprise financialization affects enterprise innovation, the following paper explores this problem through empirical methods. Taking A-share listed non-financial enterprises from 2012 to 2022, this paper adopts A two-way fixed effect model to control individual and time differences and explore the following problems. First of all, explore whether the enterprise financialization promotes enterprise innovation through the reservoir effect or the speculative arbitrage effect inhibits enterprise innovation. Secondly, the intermediary role of financing constraint in enterprise financialization affects enterprise innovation. Finally, according to the nature of the enterprise, industry and region, explore the influence of enterprise financialization on enterprise innovation. The study conclusions are summarized as follows: The financialization of non-financial enterprises will inhibit corporate innovation.(2) Financing constraints play a part of the intermediary role in the impact of enterprise financialization on enterprise innovation, and non-financial enterprises aggravate the enterprise financing constraints and thus inhibit enterprise innovation.(3) Compared with non-state-owned enterprises, the financialization of state-owned enterprises suppresses enterprise innovation; as an important pillar of economic growth, the results show that manufacturing finance also suppresses enterprise innovation; the financing in the eastern and central regions has obvious inhibitory effect on enterprise innovation, without significant results in the western and northeast regions.