市场竞争视角下的实体企业金融化与创新挤出

摘要以我国2009—2021年A股非金融上市公司为样本,研究实体企业金融资产持有行为对企业创新的影响,并重点对市场竞争在其中起到的调节作用进行了考察。结果表明:实体企业持有金融资产显著挤出了企业创新,而市场竞争在其中起到了正面的调节作用。随着竞争程度的提高,金融化对创新的挤出作用逐渐减弱,但随着竞争程度超过适度竞争情形,金融化对创新的挤出作用逐渐增强,亦即相较于高竞争和高垄断情形,适度的市场竞争能够更好地减弱金融化对企业创新的挤出作用。机制分析表明,高竞争或高垄断情形均会加剧企业的金融逐利动机,从而使得金融化更显著地挤出创新。金融化对企业创新的挤出作用在国有企业、低盈利企业和低成长企业中更强,而市场竞争的调节作用则更明显地出现在非国有企业、高盈利企业和高成长企业。研究为从市场竞争角度治理实体企业的脱实向虚问题提供了政策思路。

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	胡秋阳
	吴子豪

关键词：市场竞争金融化研发创新逐利动机挤出效应脱实向虚

Abstract： Taking China's A-share non-financial listed companies from 2009 to 2021 as samples, this paper studies the impact of financial asset holding behavior of entity enterprises on enterprise innovation, and focuses on the regulatory role of market competition. The results show that the holding of financial assets by entity enterprises significantly squeezes out enterprise innovation, while market competition plays a positive moderating role. With the improvement of the degree of competition, the extrusion effect of financialization on innovation is gradually weakened, but as the degree of competition exceeds the case of moderate competition, the extrusion effect of financialization on innovation is gradually enhanced, that is, compared with the case of high competition and high monopoly, moderate market competition can better weaken the extrusion effect of financialization on enterprise innovation. Mechanism analysis shows that the situation of high competition or high monopoly will aggravate the financial profit motivation of enterprises, which makes financialization more significantly squeeze out innovation. The extrusion effect of financialization on enterprise innovation is stronger in state-owned enterprises, low-profit enterprises and low-growth enterprises, while the regulatory effect of market competition is more obviously reflected in non-state-owned enterprises, high-profit enterprises and high-growth enterprises. The conclusion of this paper provides a policy idea for dealing with the problem from reality to deficiency of real enterprises from the perspective of market competition.

Keywords： Market Competition Financialization R&D Profit-seeking Motive Extrusion Effect Off Real to Virtual

收稿日期 2022-02-28; 接受日期 ;

基金资助:国家自然科学基金面上项目(71874090);教育部人文社会科学研究规划基金项目(18YJA790034);中央高校基本科研业务费资助项目(63182009)

通讯作者 吴子豪(1995— ),男,福建泉州人,博士研究生,主要从事产业经济学研究

作者简介: 胡秋阳(1969— ),男,吉林长春人,教授,博士生导师,主要从事产业经济学研究。

引用本文:

胡秋阳, 吴子豪.市场竞争视角下的实体企业金融化与创新挤出[J]. 经济经纬, 2023,5: 125-137

HU Qiuyang, WU Zihao.Financialization and Innovation Extrusion of Entity Enterprises from the Perspective of Market Competition[J] Economic Survey, 2023,V40(5): 125-137

链接本文:

http://www.jjjw.org.cn/CN/ 或 http://www.jjjw.org.cn/CN/Y2023/V40/I5/125

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