统计研究

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金融资产配置与企业研发创新:“挤出”还是“挤入”

刘贯春   

  • 出版日期:2017-07-15 发布日期:2017-07-18

Financial Asset Allocations and the Firms’ R&D Activity in China: Crowding-out or Crowding-in

Liu Guanchun   

  • Online:2017-07-15 Published:2017-07-18

摘要: 面对日益凸显的“脱实向虚”格局,企业的研发创新行为将发生相应转变。本文利用2007-2015年非金融类上市公司的半年期数据,实证检验了金融资产配置对企业研发创新的影响,并考察了上述关系在不同类型企业之间的异质性。实证结果显示,金融资产配置会显著降低当期企业研发创新,但金融资产持有份额有助于推动未来时期的企业研发创新,而金融渠道获利则呈现抑制效应。同时,上述效应在不同子样本依旧存在,但金融资产持有份额的作用在私有企业中更为凸显。本文的研究结论表明,金融资产持有份额和金融渠道获利扮演着不同的角色,前者更多是“蓄水池”的功能,而后者更多是“替代品”功能。因此,为避免过度金融化带来的去工业化和产业空心化,加强对企业金融渠道获利的监管显得尤为关键。

关键词: 金融资产配置, 研发创新, 蓄水池, 替代品

Abstract: Using the semi-annual nonfinancial listed firms over 2007-2015, this paper investigates the impacts of financial asset allocations on firm’s R&D activity, and examines whether their relationships vary across firms within different types. The results show that, financial asset allocations reduce current firm innovation, but financial assets holding (FAH) promotes firm innovations in the long term, while financial profit ratio (FPR) has a negative long-run effect. Also, the previous findings exist in different subsamples, and the role of FAS in private firms is stronger than that in state-owned firms. Overall, the motivation of FAH as a reservoir and that of FPR as a substitution by firms are significantly different. Therefore, to avoid deindustrialization and industry hollowing, it is critical to supervise financial profits.

Key words: Financial Asset Allocations, R&D Activity, Reservoir, Substitution