管理学刊2024，Vol.37Issue(2)：140-158,19.DOI:10.19808/j.cnki.41-1408/F.2024.0019
企业金融化分析与创新投入调节效应
Corporate Financialization and the Moderating Effect of Innovation Investment:Empirical Evidence Based on Traditional Manufacturing Listed Companies in Shanghai and Shenzhen A-shares from 2015 to 2021
摘要
Abstract
Based on annual panel data of traditional manufacturing listed companies in Shanghai and Shenzhen A-shares from 2015 to 2021,this study employs fixed-effects models and multiple linear regression models to explore the impact of corporate financialization on innovation investment while fiscal subsidies were further introduced in to empirically test their moderating effect in this relationship.The results show that corporate financialization exhibits a significant"crowding-out effect"on innovation investment.Specifically,the holding of liquid financial assets does not significantly exhibit a"reservoir effect",while the holding of illiquid financial assets has a significant negative impact on innovation investment.Further research indicates that fiscal subsidies have a negative moderating effect between corporate financialization and innovation investment.That is,when companies receive fiscal subsidies,most of these funds are utilized for purchasing financial assets for profit motives,thereby suppressing innovation investment.The conclusions of this study provide a theoretical basis for the government to formulate policies aimed at curbing the financialization behavior of traditional manufacturing enterprises and promoting technological innovation.It also aids the government in further optimizing fiscal subsidy policies,strengthening supervision,guiding manufacturing enterprises to revert to the real economy,and enhancing the technological capabilities and efficient asset allocation of the traditional manufacturing industry.关键词
企业金融化/脱实向虚/创新投入/财政补助/影响效应Key words
corporate financialization/shift from reality to virtual/innovation investment/fiscal subsidies/impact effect分类
管理科学引用本文复制引用
赵杜悦,宋保胜,刘淼,马国璋..企业金融化分析与创新投入调节效应[J].管理学刊,2024,37(2):140-158,19.基金项目
河南省哲学社会科学规划项目(2023BJJ043) （2023BJJ043）
河南省高等教育教学改革研究和实践项目(2021SJGLX152Y) （2021SJGLX152Y）
河南省重点研发推广项目(科技攻关)(242102110345) （科技攻关）
河南省本科高校产教融合研究项目(20230072) （20230072）
河南农业大学2021-2022年度"百千万"社会服务基金项目(028) （028）
