企业金融化是中国上市企业日趋普遍的现象，且在近年来有显著的扩张。该现象被普遍视作是实体经济脱实向虚在微观企业层面的一种映射。既有研究不仅发现企业金融化的逐利性动机，还论证了其对于企业的各方面均有明显的作用，尤其是在创新活动上。但目前的研究并未就企业金融化与企业创新投入的正向或负向作用达成一致。针对目前学界对于企业金融化与创新投入之间关系的争议，本文以中国A股上市企业中的非金融行业企业为样本，参照研究中企业金融化的普遍定义，构建相关变量指标。本文运用广义最小二乘法等实证研究方法，探求企业金融化对其自身创新活动投入的影响。量化分析的结果显示，企业金融化对于其自身的创新活动投入具有显著的负面影响。本文通过改变变量定义、改变样本范围、构建工具变量等方式，对原有回归结果进行检验，排除内生性问题的干扰，证明结论的稳健性。本文分别对于国有企业和高新技术行业的企业采取分样本回归等方式，证明了上述两类企业的金融资产配置行为与创新投入之间存在异质性关系，佐证了企业金融化的逐利动机。此外，本文通过企业流动性指标和机构投资者参与进行机制研究，检验了既有研究中蓄水池效应的观点，证明企业金融化虽然能够带来企业流动性的改善，但不足以弥补创新投入受到的损失。机构投资者的参与亦对于创新投入有积极作用，但亦不足以弥补企业金融化对于创新投入的损害。基于上述观点，本文亦在融资约束、信息披露和市场环境等方面提供建设性意见，支持企业中的机构投资者积极参与公司决策管理。本文的研究从微观层面关注了中国经济出现的脱实向虚现象，进一步解释了企业金融化的动机和影响，延拓了既有研究理论，并佐证了国有企业和机构投资者等主体的角色与特征，印证了中国市场仍需成熟完善的现状，对于监管层面、企业管理者和投资者等各方面均有重要的现实意义。
Corporate financialization has been an increasingly common phenomenon and expanded significantly. It is generally regarded as a reflection of the economy‘s transformation from reality to virtuality at the micro level. Existing research not only found the profit-seeking motive of it, but also demonstrated its significant effect, especially on the innovation. However, current research did not reach consensus on the direction of the effects. To respond to the controversy, based on the companies in A-shares, this article refers to the academic definition to construct variables. It uses empirical research methods such as the FGLS method to explore the impact of the financialization on innovative investment. The consequences prove it has a significant negative impact on innovative investment. This paper eliminates the interference of endogenous problems by redefining variables, changing the sample range, and constructing instrumental variables. The results prove the original conclusions are still robust. This article conducts sub-sample regression for SOE and high-tech enterprises, proving the heterogeneous effect of the above two types, supporting the profit-seeking motivation. This article conducts mechanism research through liquidity indicators and institutional investor participation, testing the existing view of the reservoir effect. It proves that the improvements in liquidity are not enough to make up for the losses, so as the institutional investors. It also offers suggestions in terms of financing restrictions, information disclosure and market environment to encourage institutional investors’ engagement. This article focuses on the virtualization of the Chinese economy from a micro level, further explains the motivations and impacts of corporate financialization. It supports the role of SOE and institutional investors, confirming the immature Chinese market, and has the practical significance.
