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5831创新是高质量发展的动力源泉，从金融化适度性的视角研究实体企业金融化与企业创新之间的动态关系，能够为助推经济高质量发展提供理论依据。文章在对企业金融化适度性进行测量的基础上，研究了企业金融化与企业创新之间的动态关系。结果显示，企业未过度金融化可以缓解企业现金流约束，促进企业创新；而过度金融化则会增加企业对金融渠道获利的依赖，阻碍企业创新。进一步分析发现，这种动态关系源于不同的金融化动机，会受到金融化主动性的调节影响，且最终传导至企业全要素生产率。因此，企业应结合自身情况提高金融化适度性，并考虑企业性质、发展阶段及主业发展水平等因素来充分发挥其助力功能，以推动我国经济高质量发展。
高质量发展背景下实体企业金融化如何助力企业创新——基于金融化适度性的视角
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王少华, 上官泽明, 吴秋生. 高质量发展背景下实体企业金融化如何助力企业创新——基于金融化适度性的视角[J]. 上海财经大学学报, 2020, 22(3): 19-34.
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