实体企业金融化对技术创新的影响研究

以2007—2017年中国沪深A股非金融类上市企业为样本，本文研究金融化对企业总体技术创新、突破式创新以及渐进式创新的影响。结果表明，金融化会显著抑制企业不同类型技术创新，且对突破式创新的抑制作用较大。在此基础上，将经济不确定性纳入研究框架发现，经济不确定性增加不仅会扩大金融化对企业不同类型技术创新的抑制作用，且这一抑制作用因企业所有权和所属产业不同而有所差异。其中，对于低创新强度的国有企业和非高新技术企业，经济不确定性增加会扩大金融化对其渐进式创新的抑制作用；而对于高创新强度的非国有企业和高新技术企业，经济不确定性增加则会扩大金融化对其突破式创新的抑制作用。进一步分析不同期限的金融资产投资对企业不同类型技术创新的影响，发现长期金融化会显著抑制企业不同类型技术创新，而短期金融化的影响则不显著。

Research on Influence of Real Enterprise Financialization on Technological Innovation

This paper takes A share non financial listed enterprises in Shanghai and Shenzhen stock markets from 2007 to 2017 as samples,to study the impact of financialization on overall technological innovation,breakthrough innovation and incremental innovation.The results show that financialization can significantly inhibit different types of technological innovation,and the inhibitory effect on breakthrough innovation is greater.On this basis,when economic uncertainty is incorporated into the research framework,it is found that the increase of economic uncertainty intensifies the negative impact of financialization on various types of technological innovation,and the impact differs according to the ownership and industry of firms.Specifically,for state owned enterprises and non high tech enterprises with low innovation intensity,the increase of economic uncertainty will intensify the negative impact of financialization on their incremental innovation;while for non state owned enterprises and high tech enterprises with high innovation intensity,the negative impact of financialization on their breakthrough innovation will be intensified.Further analysis of the impact of different periods of financial asset investment on various types of technological innovation shows that long term financialization will significantly inhibit different types of technological innovation activities of enterprises,while short term financialization has no significant impact.