企业金融化对技术创新的影响研究——基于货币政策的调节效应

Research on the Influence of Enterprise Financialization on Technological Innovation—Adjustment Effect Based on Monetary Policy

摘要: 随着金融市场的蓬勃发展，金融投资占据了更多超额利润，使得企业都倾向于把人力、物力、财力等资源投向金融市场，出现了资本在金融市场“空转”的现象，企业金融化引起了广泛关注。本文将企业金融化、技术创新水平和货币政策纳入统一框架进行研究，发现企业金融化对技术创新呈倒“U”型关系，并且货币政策会对二者关系起到调节作用，宽松的货币政策将既削弱“挤出”作用又削弱“蓄水池作用”。相对于经营欠佳组，经营良好组更易在宽松货币年度做出合理决策，促进企业金融化对创新的“蓄水池”效应。

Abstract: With the vigorous development of the financial market, financial investment occupies more excess profits, which makes enterprises tend to invest resources such as manpower, material resources and financial resources in the financial market, resulting in the phenomenon of “idling” of capital in the financial market. The financialization of enterprises has aroused widespread concern. This pa-per studies enterprise financialization, technological innovation level and monetary policy in a uni-fied framework, and finds that enterprise financialization has an inverted “U” relationship with technological innovation, and monetary policy can regulate the relationship between them. Loose monetary policy will weaken both “crowding out” and “reservoir function”. Compared with the poor management group, the well-managed group is more likely to make reasonable decisions in the loose monetary year, and promote the “reservoir” effect of corporate financialization on innovation.