【摘要】 以2009-2020年沪深两市A股上市公司的非金融企业为样本，从经济政策不确定性视角研究实体企业金融化对研发创新的影响。实证结果表明：企业金融化对于研发创新投入与创新产出均具有负面影响，说明金融化对研发创新具有“替代”效应；经济政策不确定性的上升会加剧企业金融化对研发创新的抑制作用，同时会加大对短期金融资产的投资，说明企业金融化行为主要是出于逐利动机；分样本检验发现，经济政策不确定性的调节作用在国有企业以及非高技术企业中更显著；机制检验表明，资金流动性供给在企业金融化与研发创新之间存在遮掩效应，而金融获利水平在企业金融化与研发创新之间存在中介效应。更多还原

【Abstract】 Taking the non-financial enterprises of A-share listed companies in Shanghai and Shenzhen stock markets from 2009 to 2020 as a sample, this paper studies the impact of entity enterprise financialization on R&D innovation from the perspective of economic policy uncertainty. The empirical results show that enterprise financialization has a negative impact on R&D innovation input and innovation output, indicating that financialization has a "substitution" effect on R&D innovation; The rise of economic policy uncertainty will aggravate the inhibitory effect of enterprise financialization on R&D innovation, and increase the investment in short-term financial assets, indicating that the behavior of enterprise financialization is mainly motivated by profit seeking; The sub sample test shows that the regulatory effect of economic policy uncertainty is more significant in state-owned enterprises and non-high-tech enterprises. The mechanism test shows that the supply of capital liquidity has a masking effect between enterprise financialization and R&D innovation, and the level of financial profit has an intermediary effect between enterprise financialization and R&D innovation.更多还原