企业金融化、技术创新与企业高质量发展
许志勇1,2，韩炳1，彭芸3，宋泽1
（1.湖北经济学院会计学院，湖北 武汉430205；
2.湖北会计发展研究中心，湖北 武汉430205；
3.湖北经济学院金融学院，湖北 武汉430205）
摘要：企业高质量发展需要高质量的金融资产结构配置。本文以2010—2020年A股上市公司数据为样本，研究企业金融化对企业高质量发展的影响，并检验技术创新在二者间的中介效应。实证结果发现：企业金融化对企业高质量发展有显著的负向影响，且对国有企业和非国有企业均显著；技术创新是企业金融化与企业高质量发展之间的中介变量，起到了显著的部分中介效应，企业金融化通过削弱企业的创新能力阻碍了企业高质量发展。进一步研究表明：企业金融化对企业高质量发展的负向影响在制造业与非制造业样本中均成立，且在非制造业中的影响更为显著，同时该负向影响在非房地产和低研发强度企业样本中显著，在房地产和高研发强度企业样本中并不显著；在将中介变量替换为专利结构后再次进行中介效应检验，仍起到显著的部分中介作用。研究结论有利于梳理实体企业金融化、技术创新与企业高质量发展的关系，能够为抑制企业过度金融化、避免产业空心化、增强企业技术创新能力以及促进企业高质量发展提供一定参考。
关键词：企业金融化；企业高质量发展；技术创新；中介效应
主要研究结论：本文通过对A股非金融上市企业2010—2020年的数据研究，构建了企业金融化对企业高质量发展的影响机制，研究结果显示：
(1)企业金融化对企业高质量发展有显著的负向影响，且其负向影响对国企和非国企均显著，表明企业金融化行为明显不利于企业高质量发展指标的提升，而且国有企业表现出更显著的负面影响。
(2)技术创新在企业金融化与企业高质量发展之间起到了显著的部分中介效应，企业金融化通过挤占企业技术创新进而阻碍了企业高质量发展，企业金融化使得技术创新的积极作用受到抑制，从而不利于企业高质量发展。
(3)企业金融化对企业高质量发展的负向影响在制造业与非制造业中均显著，但在非制造业中的影响更为明显，同时该影响在非房地产业与低研发强度的企业样本中显著，在房地产业与高研发强度的样本组中不显著；将中介变量替换为专利结构后，技术创新的部分中介效应依然显著。这表明金融化对企业高质量发展的不利影响具有广泛和多维度的异质性特点。
Enterprise financialization, technological innovation and high-quality development of enterprises
Xu Zhiyong1,2, Han Bing1, Peng Yun3, Song Ze1
(1. School of Accounting, Hubei University of Economics, Wuhan 430205, Hubei, China;
2. Hubei Accounting Development Research Center, Wuhan 430205, Hubei, China;
3. School of Finance, Hubei University of Economics, Wuhan 430205, Hubei, China)
Abstract:A competitive enterprise must be an enterprise with high-quality development, and high-quality development of enterprises requires high-quality financial asset structure configuration. In recent years, with the increase of economic downward pressure, the profits of physical enterprises have been seriously squeezed. In order to seek new profit growth points, a large number of enterprises have turned to invest in financial assets and deviated from the main business. This has led to the problem of enterprise financialization. This is an important economic structure problem that the government needs to solve, and also an important topic that the current academic community is very concerned about. However, at present, there is little literature on the impact of corporate financialization on the high-quality development of enterprises. Therefore, it is necessary to use empirical research methods to study the impact of corporate financialization on the high-quality development of enterprises.
The following points are worth studying in this paper. First, China′s economy is currently in a critical period of adjusting its economic structure and transforming its development mode, while the research on high-quality development of enterprises at the micro level needs to be improved. Second, in recent years, the crowding-out effect of corporate financialization has become more and more significant, and the financialization of physical enterprises has shown more negative effects on the development of enterprises. However, there are few literature studies on the comprehensive impact of corporate financialization on the high-quality development of enterprises. Third, technological innovation is one of the effective indicators to reflect the market competitiveness of physical enterprises, which can reflect the innovation ability and resource details of enterprises. However, excessive allocation of financial assets by enterprises will inevitably crowd out the innovative capital of enterprises, thus affecting the technological innovation of companies. Therefore, it is also very important to study the mechanism of technological innovation between enterprise financialization and high-quality development of enterprises.
In order to reveal the impact mechanism of enterprise financialization on the high-quality development of enterprises, this paper takes the data of A-share listed companies from 2010 to 2020 as a sample, studies the impact of enterprise financialization on the high-quality development of enterprises, and tests the intermediary effect of technological innovation between them. The empirical results show that enterprise financialization has a significant negative impact on the high-quality development of enterprises, and has a significant impact on both state-owned enterprises and non-state-owned enterprises; Technological innovation is the intermediary variable between enterprise financialization and enterprise high-quality development, which plays a significant part of the intermediary effect. Enterprise financialization hinders the high-quality development of enterprises by weakening the innovation ability of enterprises. Further research shows that the negative impact of enterprise financialization on the high-quality development of enterprises is established in both manufacturing and non-manufacturing samples, and the impact is more significant in non-manufacturing samples. At the same time, the negative impact is significant in non-real estate and low-R&D intensity enterprise samples, but not in real estate and high-R&D intensity enterprise samples; After replacing the intermediary variable with the patent structure, the intermediary effect test was conducted again，and still played a significant part of the intermediary effect.
The research conclusion is conducive to sorting out the relationship between the financialization, technological innovation and high-quality development of real enterprises, and can provide some reference for restraining the excessive financialization of enterprises, avoiding the hollowing out of industry, enhancing the technological innovation ability of enterprises and promoting the high-quality development of enterprises. In addition, the research of this paper has several theoretical advances: First, based on different views on the economic consequences of enterprise financialization, this paper concludes that the high-quality development of enterprises is different from the short-term financial performance and other indicators of enterprises, and is a comprehensive long-term indicator, so financialization will have more significant inhibition effect on the high-quality development of enterprises. Second, the measurement of enterprise technological innovation should not only focus on its direct results, but also consider the structure and quality of innovation，and technological innovation is also a long-term indicator, which is conducive to the high-quality development and sustainable development of enterprises.
Key words:enterprise financialization; high-quality development of enterprise; technological innovation; intermediary effect
引用本文：许志勇,韩炳,彭芸,等.企业金融化、技术创新与企业高质量发展[J].科研管理,2023,44(6):74-84.
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