基于我国A股上市企业2009-2019年度的财务数据,本文从研发投资异质性视角探究产融结合对企业双元创新投资的影响,分析二者关系的作用机理,并考察企业规模与内部控制的异质性影响。研究结果表明,产融结合抑制了企业创新投资；且与开发式创新相比,产融结合对探索式创新投资的抑制作用更明显,该结论在考虑了内生性问题的影响后依然成立。机制分析发现,产融结合通过诱发企业金融化投资和资本套利动机,从而抑制其双元创新投资。基于企业情境因素的异质性检验发现,企业规模和内部控制具有调节效应,且相较于开发式创新,企业规模和内部控制对产融结合与探索式创新投资的负向关系的约束作用更强。本文的研究为我国金融发展政策深化与企业创新投资决策优化提供了决策参考和经验证据。

Based on the financial data of Chinese A-share listed companies in 2009-2019, this paper examines the impact of the combination of industry and finance on the ambidextrous innovation of enterprises from the perspective of R D investment heterogeneity, analyzes the mechanism of the relationship between the two factors, and discusses the heterogeneous impact of enterprise scale and internal control. The results show that the integration between industry and finance inhibits the enterprise innovation investment, and the inhibition effect of the combination of industry and finance is more prominent on the exploratory innovation investment rather than the development innovation, which is still reliable after controlling potential endogeneity. The mechanism test shows that the integration of industry and finance inhibits the ambidextrous innovation investment of enterprises by inducing the motivation of financial investment and capital arbitrage motives. Based on the analysis of situational factors of enterprise, it is found that that enterprise size and internal control have moderating effects, and compared with development innovation, enterprise scale and internal control have a stronger restrictive effect on the negative relationship between industry finance combination and exploratory innovation investment. This paper provides decision-making reference and empirical evidence for the deepening of China"s financial development policy and the optimization of corporate innovation investment decision-making.

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国家自然科学基金面上项目“国家审计信息化与国家治理效能：机理、效应与约束”（72172144）；山东省自然科学基金项目“‘双向混改’视角下山东省企业绿色技术创新驱动机制与提升路径研究”（ZR2022QG028）