摘要
摘要
近些年来，随着我国经济不断发展，以往发展模型亟需更新，我国目前着
重于金融改革，让金融充分地服务实体经济，实施多项政策，为其提供流畅的
传导渠道。当前，实体企业金融化趋势的加强，深刻影响了企业的创新活动。
实体企业金融化主要指企业在配置资产过程中将自身原用于经营发展的资
产投入到金融资产中，且该比例呈不断上升的趋势。展开对使企业金融化与企
业创新的关系探究能够帮助了解企业金融化是否可以促进实体企业发展。但是，
通过对相关文献梳理研究发现，结果呈现出两种情况，一种是企业金融化抑制
了企业创新发展，另一种是企业金融化可以促进企业创新发展。此外，学术界
更多的讨论财务约束和宏观环境要素对两者之间关系的作用，而公司治理层面
讨论相对较少并且研究多从上市公司整体出发，而没有聚焦于高科技上市公司。
针对这些问题，本篇文章选用 A高高新技术企业公司作为样本，通过对获取数
据的处理与计量分析，研究讨论企业金融化如何影响企业创新以及切入公司治
理视角时二者之间存在中介效应渠道，丰富二者之间的传导机制研究，并为现
有的研究提供补充以及为金融服务实体经济提供相应的理论依据。
本文基于预防性储蓄理论和委托代理理论，选取A股高新技术企业作为研究
样本，考虑到数据可得性及合理性，选取了 2008年到 2020年的数据，对企业
金融化对企业创新投入产生促进效应进行了验证，之后根据产权性质与企业金
融化程度的差异研究该效应产生的不同，最后，从公司治理角度出发，研究股
权质押在企业金融化影响企业创新中所起到的中介作用，并对该中介效应渠道
进行分析。本文的研究结果表明：（1）高科技企业金融化对企业创新投入产生
较为明显的正向影响；（2）高科技企业金融化异质性问题上，企业金融化对研
发投入的促进作用相较国有企业，民营企业中的促进效应更加显著 ;（3）随着
企业金融化程度的提高，企业金融化对企业创新的促进效应也会增强；（4）高
科技企业金融化是部分通过抑制企业控股股东股权质押行为从而促进企业创新
投入的。考虑内生性问题和经过稳健性检验之后，本文结论依旧保持不变。为
样本实证分析了企业金融化对创新投入的微观作用机制。
上述结论的政策启示主要有两方面：第一，在金融监管方面要投入更多精
力，通过相关法律法规进行严格监管减少代理问题从而抑制金融性投机；第二，
考虑到企业外部融资就的高成本问题，要积极拓展企业可融通资金的方式和渠
道，并协同其他措施降低企业的融资成本，为企业家带来信心。
关键词：企业金融化；股权质押；企业创新；中介效应
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Abstract
Abstract
In recent years, with the continuous development of China's economy, the previous
development model needs to be updated. China is currently focusing on financial
reform, so that finance can fully serve the real economy and implement a number of
policies to provide smooth transmission channels. At present, the strengthening of the
financialization trend of entity enterprises has profoundly affected the innovation
activities of enterprises.
Financialization of entity enterprises mainly refers to that enterprises invest their
assets originally used for business development into financial assets in the process of
asset allocation, and the proportion is on the rise. Exploring the relationship between
financialization of enterprises and innovation of enterprises can help understand
whether financialization of enterprises can promote the development of solid
enterprises. However, through the review of relevant literature, it is found that the
results show two situations: one is that the financialization of enterprises inhibits the
development of enterprise innovation; the other is that the financialization of enterprises
can promote the development of enterprise innovation. In addition, academic circles
have more discussions on the role of financial constraints and macro-environmental
factors on the relationship between them, while there are relatively few discussions on
corporate governance and most studies are based on listed companies as a whole,
instead of focusing on high-tech listed companies. In view of these problems, this paper
selects A Gaogao New Technology enterprise as the sample. Through data processing
and quantitative analysis, this paper studies and discusses how corporate
financialization affects enterprise innovation and how there are mediating effect
channels between them when entering into the perspective of corporate governance, so
as to enrich the research on the transmission mechanism between the two. And provide
a supplement for the existing research and provide the corresponding theoretical basis
for financial services to the real economy.
Based on the precautionary savings theory and principal-agent theory, this paper
selects A-share high-tech enterprises as research samples. Considering the availability
and rationality of data, data from 2008 to 2020 are selected to verify the promotion
effect of enterprise financialization on enterprise innovation investment. Finally, from
the perspective of corporate governance, the mediating role of equity pledge in the
influence of corporate financialization on enterprise innovation is studied, and the
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Abstract
channels of the mediating effect are analyzed. The results show that :(1) financialization
of high-tech firms has a significant positive impact on innovation input; (2) In terms of
the heterogeneity of financialization of high-tech enterprises, the promotion effect of
financialization on R&D investment is more significant in private enterprises than in
state-owned enterprises; (3) With the improvement of enterprise financialization, the
promotion effect of enterprise financialization on enterprise innovation will be
enhanced; (4) Financialization of high-tech enterprises promotes innovation investment
partly by inhibiting the equity pledge of controlling shareholders. After considering the
endogeneity problem and after the robustness test, the conclusion of this paper remains
unchanged. The micro mechanism of firm financialization on innovation input is
empirically analyzed.
The policy implications of the above conclusion are mainly in two aspects: first,
more efforts should be put into financial supervision, and strict supervision should be
carried out through relevant laws and regulations to reduce agency problems and curb
financial speculation; Second, considering the high cost of external financing for
enterprises, we should actively expand the ways and channels for enterprises to finance
funds, and coordinate with other measures to reduce the financing cost of enterprises,
so as to bring confidence to entrepreneurs.
KeyWords：Financialization of enterprises; Equity pledge; Enterprise innovation;
The mediation effect
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