实体经济是经济发展的命脉所在。2008年金融危机后，各国实施宽松的货币政策。大量流动性注入市场，使得金融投资与实体制造业投资之间的回报率差额日渐显著，金融市场热度迅速攀升，金融化程度加剧，“脱实向虚”问题越发突出，企业研发创新亦受到影响。在企业金融化维持较高水平的现实背景下，厘清宏观货币政策对企业金融化和创新产出的具体作用具有重要意义。本文聚焦货币政策对企业金融化与企业创新产出的影响，选取2014年三季度末至2021年末沪深A股非金融企业上市公司的季度数据。本文以中期借贷便利季末余额数据为基础构建货币政策宽松程度的衡量指标；以金融资产持有水平为主、金融渠道收益水平为辅衡量企业金融化程度；选取无形资产增加净额占总资产比重指标，以度量企业创新水平；选取资产负债率、总资产回报率等7个指标作为控制变量，建立多元回归计量模型。实证研究发现：宽松的货币政策显著提升企业的金融资产配置规模和金融渠道收益水平，加剧企业金融化程度，并且宽松的货币政策对企业创新产出存在抑制作用。对影响企业创新水平可能的作用渠道进行机制检验，证明“货币政策—企业金融化持有—企业创新”与“企业金融化—融资约束—企业创新”的传导路径均成立。进一步分析包括调节效应与异质性检验两部分。首先，调节效应部分，企业金融化与企业创新呈负向变动。设置货币政策与企业金融化指标交乘项，发现宽松的货币政策会加剧企业金融化对企业创新产出的抑制作用。另外，疫情爆发前存在货币政策的调节效应，但疫情发生后该效应不显著。异质性检验部分，将企业按照股权性质和资产规模大小分类研究，发现宽松的货币政策显著提升非国有企业的金融化水平，但在国企层面不显著；此外，宽松政策显著提升规模较大企业的金融渠道收益，但对规模较小的企业提升金融收益效果并不显著。最后，根据研究结果，本文提出相应的政策建议。首先，健全多层次金融市场体系，提高金融资产流动性；第二，完善信用风险定价机制，减少资金空转，降低企业融资成本；第三，严格监管信贷供给流向，畅通货币政策传导机制；第四，集中力量发展实体经济，提升实体经济投资回报率；最后，发挥税收政策效能，增加创新研发投入力度，鼓励企业创新。
The real economy is the lifeblood of economic development. After the 2008 financial crisis, many countries implemented loose monetary policies. A large amount of liquidity has been injected into the market, causing significant differences in the return rate between financial investment and physical manufacturing investment. The heat of the financial market has rapidly increased, the degree of financialization has intensified, and the problem of "shifting from real to virtual" has become increasingly prominent. Enterprise research and innovation has also been affected. Under the circumstance of high degree of corporate financialization, it is of great significance to clarify the specific role of macroeconomic monetary policy in corporate financialization and innovation.This article focuses on the impact of monetary policy on corporate financialization and innovation output, selecting quarterly data of non-financial companies listed on the Shanghai and Shenzhen A-share market from the end of the third quarter of 2014 to the end of 2021. This article constructs a measurement index for loose degree of monetary policy based on the quarterly balance data of medium-term lending facility. Measure the degree of corporate financialization mainly based on the level of financial asset holding and supplemented by the level of financial profit making. Select the proportion of net increase in intangible assets to total assets to measure the corporate innovation. Choose 7 indicators as control variables, and then establish a multiple regression model. Empirical research shows that loose monetary policy significantly enhances the scale of financial asset holding and the level of financial profit making, exacerbates the degree of corporate financialization, and has restraining effects on innovation output of enterprises. The article then conducts mechanism tests on the possible channels that may affect the degree of corporate innovation, and proves that the transmission paths of "monetary policy - financial asset holding - corporate innovation" and "corporate financialization - financing constraints - corporate innovation" are both valid.Further analysis includes moderating effect and heterogeneity test. Firstly, in terms of moderating effect, there is a negative correlation between corporate financialization and innovation. By setting the multiplier term between monetary policy and financialization indicators, it is found that loose monetary policy will exacerbate the inhibitory effect of corporate financialization on innovation output. In addition, the moderating effect of monetary policy exists only before the outbreak of the epidemic. For heterogeneity test section, companies are classified according to their equity nature and asset scale, and the results show that loose monetary policies significantly improve the financialization level of non-state-owned enterprises, but not significantly in state-owned enterprises. Also, loose monetary policies promote the financial profit making of enterprises with larger asset scale, but not significant in smaller ones.Based on the findings, this article proposes corresponding policy recommendations. Firstly, perfect the multi-level financial market system and enhance the liquidity of financial assets. Secondly, improve the credit risk pricing mechanism and reduce financing costs. Thirdly, strictly regulate the flow of credit supply and smooth the transmission mechanism of monetary policy. Fourthly, focus on developing the real economy and improve physical investment return. Finally, leverage the effectiveness of tax policies, increase investment in research and development, and encourage innovation.
