【作者】 董莉莉；

【导师】 陈玲；

【作者基本信息】 福州大学 ， 金融学， 2022， 硕士

【摘要】 当前,我国经济已进入高质量发展阶段,实体经济发展作为核心推动力,是我国赢得国际竞争主动的基石,习近平总书记多次强调要高度重视实体经济健康发展,增强金融服务实体经济能力,把握供给侧结构性改革主线,将制造业做实做优做强。在“双循环”新发展格局下,制造业创新成为重构竞争优势的关键,只有不断进行自主创新,提高技术水平,才能驱动制造业企业长久发展。然而,由于宏观经济金融化程度加深以及制造业利润空间收窄,我国制造业企业开始大量投资金融类资产以获取高收益,出现“脱实向虚”的金融化现象。这种实体企业金融化行为很可能对其创新产生影响,但国内外关于企业金融化对企业创新的影响研究尚无明确结论。基于此,本文对制造业企业金融化对企业创新的影响展开了研究。本文以2007-2020年的A股制造业上市公司为研究样本,分析了制造业企业金融化对企业创新的影响,并基于金融资产持有期限差异,比较了企业短期金融化和长期金融化对企业创新的影响。在此基础上,本文进一步基于企业产权性质和行业技术水平进行了异质性分析,并对短期金融化和长期金融化影响制造业企业创新的传导机制差异展开了深入探究。研究结果表明:总体上制造业企业金融化对企业创新产生了显著的负向影响;相对于短期金融化,制造业企业长期金融化对其创新的抑制作用更大;与非国有和非高技术企业相比,国有和高技术制造业企业金融化对其创新的抑制作用更大;制造业企业短期金融化会通过提高流动性供给和改善经营业绩这两条途径对企业创新产生正向作用,但制造业企业长期金融化反而通过降低流动性供给和恶化经营业绩进而抑制了企业创新。本文还利用多角度的稳健性检验增强了研究结论的可靠性。基于以上研究结论,本文从企业、金融机构和政府的角度提出如下建议:(1)以制造业为代表的实体企业应谨慎金融化,合理把握金融资产配置结构,优化内部治理体系,重视企业创新和实业发展。(2)金融机构要持续支持实体企业自主创新,为异质性企业提供多样化服务。(3)政府应抑制金融资产泡沫,创造良好的实业发展环境,继续鼓励和支持企业创新,并对制造业企业实施针对性金融监管。本文基于金融资产配置期限、产权性质和技术水平,对制造业企业金融化影响企业创新的异质性展开研究,能够为遏制我国实体企业“脱实向虚”和促进制造业高质量发展提供针对性实证经验,对政府政策制定和实体企业经营决策均具有参考价值和借鉴意义。更多还原

【Abstract】 At present,my country’s economy has entered a stage of high-quality development.The development of the real economy,as the core driving force,is the cornerstone for my country to win the initiative in international competition.General Secretary Xi Jinping has repeatedly emphasized that we must attach great importance to the healthy development of the real economy,enhance the ability of finance to serve the real economy,grasp the main line of supply-side structural reform,and make the manufacturing industry more solid,better and stronger.Under the new development pattern of "dual circulation",manufacturing innovation has become the key to reconstructing the competitive advantage.Only by continuously conducting independent innovation and improving the technical level can we drive the long-term development of manufacturing enterprises.However,due to the deepening of macroeconomic financialization and the narrowing of manufacturing profit margins,Chinese manufacturing enterprises have begun to invest heavily in financial assets to obtain high returns,and the phenomenon of financialization of "transforming from reality to virtuality" occurs.This kind of financialization behavior of entity enterprises is likely to have an impact on their innovation,but there is no clear conclusion about the impact of corporate financialization on corporate innovation at home and abroad.Based on this,this paper studies the impact of financialization of manufacturing enterprises on corporate innovation.This paper takes A-share listed manufacturing companies from 2007 to 2020 as a research sample,analyzes the impact of financialization of manufacturing enterprises on corporate innovation,and compares the impact of short-term financialization and long-term financialization on corporate innovation based on the difference in the holding period of financial assets.On this basis,this paper further analyzes the heterogeneity based on the ownership nature of enterprises and the technical level of the industry,and conducts an in-depth study on the difference in the conduction mechanism of the impact of short-term financialization and long-term financialization on the innovation of manufacturing enterprises.The research results show that: in general,the financialization of manufacturing enterprises has a significant negative impact on corporate innovation;compared with short-term financialization,the longterm financialization of manufacturing enterprises has a greater inhibitory effect on their innovation;compared with non-state-owned and non-high-tech enterprises,the financialization of state-owned and high-tech manufacturing enterprises has a greater inhibitory effect on their innovation;the short-term financialization of manufacturing enterprises will have a positive effect on corporate innovation by increasing liquidity supply and improving business performance,on the contrary,the long-term financialization of enterprises inhibits corporate innovation by reducing liquidity supply and deteriorating business performance.This paper also uses multi-angle robustness tests to enhance the reliability of the research conclusions.Based on the above research conclusions,this paper puts forward the following suggestions from the perspectives of enterprises,financial institutions and governments:(1)Entity enterprises represented by manufacturing should be cautious about financialization,reasonably grasp the structure of financial asset allocation,optimize the internal governance system,and attach importance to corporate innovation and industrial development.(2)Financial institutions should continue to support the independent innovation of entity enterprises and provide diversified services for heterogeneous enterprises.(3)The government should curb financial asset bubbles,create a good environment for industrial development,continue to encourage and support corporate innovation,and implement targeted financial supervision on manufacturing enterprises.Based on the allocation period of financial assets,the nature of ownership and the technical level,this paper studies the heterogeneity of the impact of financialization of manufacturing enterprises on corporate innovation,which can provide empirical experience for curbing the “transforming from reality to virtuality” of my country’s entity enterprises and promoting the high-quality development of the manufacturing industry,and has reference value and reference significance for government policy formulation and business decision-making of entity enterprises.更多还原