企业创新问题并非仅仅是短期的研发投入,更是具有连续性的长期不断投入的过程。文章基于企业金融化日趋严重的现实背景,利用2007−2017年中国A股非金融上市公司的面板数据,在新结构经济学关于资源禀赋结构的理论框架下实证检验了企业金融化对持续性创新的影响作用,并同时考虑不同生命周期和行业特征的影响机制。研究发现,企业金融化对非金融上市公司的持续性创新表现具有抑制作用−即“挤出”效应,而这种“挤出”效应在企业成长期尤为强烈。随着企业生命周期阶段的延伸,这种抑制作用被削弱。进一步分行业的研究结果显示,不同行业的上市公司,在不同生命周期阶段受企业金融化“挤出”效应的影响存在一定的差异。总体而言,文章拓展了持续性创新的研究情境,为新结构经济学在微观层面的应用和拓展提供了实证证据,对推动我国经济长远发展的路径选择具有一定的参考意义。
企业金融化、生命周期与持续性创新——基于行业分类的实证研究
摘要
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引用本文
肖忠意, 林琳. 企业金融化、生命周期与持续性创新——基于行业分类的实证研究[J]. 财经研究, 2019, 45(8): 43-57.
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