实体企业金融化、技术创新与生产率提升——基于中国上市公司的经验研究

Financialization, Technological Innovation and Productivity Enhancement of Real Enterprises--Empirical study based on Chinese-listed Companies

摘要:

基于“R&D—创新—生产率”模型(简称“CDM模型”),利用中国A股上市公司数据,实证检验实体企业金融化对企业技术创新决策、技术创新投入、技术创新产出和生产率的影响。研究结果表明,金融化程度越高,创新投入强度越小；金融化与创新投入决策、创新投入强度的关系具有典型的企业所有权异质性；技术创新投入对技术创新产出和企业全要素生产率具有显著的正向影响,金融化通过影响技术创新投入,进而影响技术创新产出,最后对企业全要素生产率产生间接影响。研究探讨了金融化与实体企业技术创新、生产率提升之间的关系,拓展了CDM模型,丰富了金融化理论、创新理论与生产率理论的研究文献。

Abstract:

Based on the "R&D-Innovation-Productivity" model (CDM model), we empirically examine the effects of financialization of real firms on firms" The results of the study show that the impact of financialization on firms" technological innovation decisions, technological innovation inputs, technological innovation outputs, and productivity is not significant. The results show that the higher the degree of financialization, the lower the intensity of innovation inputs. The relationship between financialization and innovation input decision and innovation input intensity has typical firm ownership heterogeneity. Technological innovation inputs have a significant positive effect on technological innovation output and firm total factor productivity, and financialization has an indirect effect on firm total factor productivity by affecting technological innovation inputs, and then affecting technological innovation output and finally. The research in this paper explores the relationship between financialization and real firms" technological innovation and productivity improvement, extends the CDM model, builds a bridge between financialization theory, innovation theory, and productivity theory, and provides empirical evidence for analyzing the intrinsic mechanism of financialization affecting productivity in real firms.