企业金融化如何影响创新能力？——基于高管创新意愿与研发强度的双重中介机制分析

How Does Corporate Financialization Affect Innovation Capability?—An Analysis of Dual Mediating Mechanisms through Executive Innovation Willingness and R&D Intensity

摘要: 本文基于2013~2023年A股非金融上市公司数据，系统检验了企业金融化对创新能力的影响及其作用机制。研究发现：企业金融化程度越高，创新能力越弱，该结论在多种稳健性与内生性检验后依然成立。机制检验表明，金融化通过两条中介渠道抑制创新：一是“动机路径”，即金融资产短期高收益扭曲高管激励与注意力配置，显著削弱其创新意愿；二是“资源路径”，金融投资直接挤占研发预算，降低研发强度。异质性分析显示，金融化的负面效应在非国有企业及高融资约束企业中更为显著，因其缺乏政策与资金缓冲。本文拓展了企业金融化微观治理后果的研究视角，揭示了“脱实向虚”背景下创新衰减的决策黑箱，为引导企业平衡金融配置与研发投资、完善资本市场服务实体经济提供了政策启示。

Abstract: Based on data from non-financial listed companies in China’s A-share market from 2013 to 2023, this paper systematically examines the impact of corporate financialization on innovation capability and its underlying mechanisms. The study finds that a higher degree of corporate financialization is associated with weaker innovation capability, a conclusion that remains robust after various robustness and endogeneity tests. Mechanism tests reveal that financialization inhibits innovation through two mediating channels: First, the “motivation path”, where the short-term high returns of financial assets distort executive incentives and attention allocation, significantly weakening their innovation willingness; second, the “resource path”, where financial investments directly crowd out R&D budgets, reducing R&D intensity. Heterogeneity analysis shows that the negative effect of financialization is more pronounced in non-state-owned enterprises and firms facing high financing constraints, as they lack policy support and financial buffers. This study broadens the research perspective on the micro-governance consequences of corporate financialization, reveals the decision-making “black box” of innovation decline amid the “shift from real to virtual economy”, and provides policy implications for guiding firms to balance financial asset allocation with R&D investment, as well as for improving capital markets to better serve the real economy.