| 企业金融化、产品市场竞争与企业创新 |
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| 引用本文： | 余得生,李星. 企业金融化、产品市场竞争与企业创新[J]. 金融发展研究, 2021, 0(3): 20-25. DOI: 10.19647/j.cnki.37-1462/f.2021.03.003 |
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| 作者姓名： | 余得生 李星 |
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| 作者单位： | 华东交通大学经济管理学院,江西 南昌 330013 |
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| 基金项目： | 江西省社会科学规划项目"欠发达地区创业投资引导基金政策效应、管理绩效与激励性规制研究" |
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| 摘 要： | 本文以2012—2018年我国A股制造业上市公司为样本,考察企业金融化、产品市场竞争与企业创新三者之间的关系。结果发现:制造业企业金融化对企业创新存在显著的挤出效应;产品市场竞争对企业创新有着显著的促进作用,而且当其他条件不变时,产品市场竞争负向调节企业金融化与企业创新的关系。进一步分析发现,在非国有企业组以及国有企业组中,产品市场竞争对企业金融化与企业创新关系的调节作用均显著,但国有企业中产品市场竞争的调节作用更强。
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| 关 键 词： | 企业金融化 产品市场竞争 企业创新 产权性质 |
Enterprise Financialization,Product Market Competition and Enterprise Innovation |
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| Yu Desheng,Li Xing. Enterprise Financialization,Product Market Competition and Enterprise Innovation[J]. Journal of Financial Development Research, 2021, 0(3): 20-25. DOI: 10.19647/j.cnki.37-1462/f.2021.03.003 |
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| Authors: | Yu Desheng Li Xing |
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| Affiliation: | (School of Economics and Management,East China Jiao Tong University,Nanchang 330013,Jiangxi,China) |
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| Abstract: | Based on the sample of China's A-share manufacturing listed companies from 2012 to 2018,this paper examines the relationship among enterprise financialization,product market competition and enterprise innovation.The results show that:there is a significant crowding-out effect on the innovation of manufacturing enterprises;product market competition has a significant role in promoting enterprise innovation;and when other conditions remain unchanged,product market competition negatively regulates the relationship between enterprise financialization and enterprise innovation.Further study finds that in the non-state-owned enterprise group and the state-owned enterprise group,the product market competition has a significant regulatory effect on enterprise financialization and enterprise innovation,but the product market competition in state-owned enterprises has a stronger regulatory effect. |
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| Keywords: | enterprise financialization product market competition enterprise innovation nature of property rights |
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