分类号 密级
U D C学校代码 10680
硕士学位论文
金融化对我国制造业企业技术创新的影响
研究——基于管理短视的视角
Research on the Impact of Financialization on Technological
Innovation of Chinese Manufacturing Enterprises—Based
on the Perspective of Managerial Myopia
姓名： 梅普祎心
导 师（职称）： 陈昆玉（教授）
申 请 学 位 类别： 管理学硕士
专业： 企业管理
研究方 向： 战略管理
学院（中心、所）： 商学院
论文完成时间：2022 年 6 月 6 日
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学位论文作者签名： 日期：2022年 6 月 6 日
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日期： 2022 年 6 月 6日 日期： 2022 年 6 月 6 日
摘要
摘要
科技飞速发展的今天，高科技产业为实体经济的增长提供了强大动力，企
业技术创新在其中发挥了至关重要的作用。而无论是政府还是学者，对于我国
实体经济的日趋金融化都给予了高度关注。这是因为当企业将更多的资金配置
于金融资产时，其影响不仅仅存在于企业自身创新活动和长期发展上，更会对
实体经济的稳定发展产生影响。
立足于现有研究，本文将理论分析与实证分析两种方法相结合。通过理论
分析，对从管理短视的角度探究我国制造业企业金融化对其技术创新影响的理
论基础及现实意义进行了说明，并探究了高管薪酬、外部审计质量和企业绩效
对二者关系的调节效应影响机制。以我国2016-2020 年 1710 家 A 股制造业企业
为研究对象，通过对企业金融化和企业技术创新指标进行度量，采用 Tobit 和
Clad 模型进行回归分析，并以稳健性检验确保了研究结果的一致与稳健。
实证结果表明：（1）我国制造业企业金融化与技术创新显著负相关；（2）
保持其他因素不变时，非国有企业进行金融投资的可能性更大，对企业技术创
新的负向作用更为显著；（3）高管薪酬和企业绩效对企业金融化与技术创新之
间的负相关关系具有显著的负向加强调节效应，而外部审计质量则起到正向调
节作用。
相对于有着成熟金融市场的国家，我国的金融市场发展仍有许多不足，因
此关于企业金融化的理论研究尚不深入，且研究方法较为单一。本文通过深入
分析现有文献及相关理论，探究影响管理短视的因素，有助于进一步揭示企业
管理层选择金融化的内在动机，具有一定的学术价值。同时针对金融化对企业
创新的影响及机制，提出对管理者的启示及建议，对优化企业内部管理，提升
企业创新能力，促进实体企业回归主业，推动我国创新型国家建设有一定现实
意义。
关键词： 制造业企业；金融化；企业技术创新；管理短视
I
ABSTRACT
Research on the Impact of Financialization on Technological
Innovation of Chinese Manufacturing Enterprises—Based on the
Perspective of Managerial Myopia
Meipu Yixin
Business Management
Directed by Chen Kunyu
ABSTRACT
Nowadays, this is an era of rapid change and development of science and
technology, high-tech industry provides a strong driving force for the growth of real
economy, in which enterprise technological innovation plays a vital role. Both
governments and scholars have paid great attention to the increasing financialization of
China;s real economy. This is because when enterprises allocate more funds to financial
assets, the impact will not only exist in their own innovation activities and long-term
development, but also have an impact on the stable development of the real economy.
Based on the existing research, this paper uses the method of combining theoretical
reasoning analysis and empirical analysis. Through theoretical analysis, this paper
explains the theoretical basis and practical significance of exploring the impact of the
financialization of China;s manufacturing enterprises on their technological innovation
from the perspective of management myopia, and explores the moderating effect and
influence mechanism of executive compensation, external audit quality and enterprise
performance on the relationship between them. Taking 1710 A-share manufacturing
enterprises in China from 2016 to 2020 as the research object, this paper measures the
indicators of enterprise financialization and enterprise technological innovation, uses
Tobit and Clad models for regression analysis, and uses robustness test to ensure the
consistency and robustness of the research results.
II
ABSTRACT
As shown in the empirical results: (1) The financialization of China;s
manufacturing enterprises is significantly negatively correlated with technological
innovation; (2) When other factors remain unchanged, the possibility of financial
investment of non-state-owned enterprises is greater, and the negative effect on
enterprise technological innovation is more significant; (3) Executive compensation
and corporate performance have a significant negative strengthening moderating effect
on the negative correlation between corporate financialization and technological
innovation, while external audit quality has a positive moderating effect.
Compared with countries with mature financial markets, there are still many
deficiencies in the development of China;s financial markets, so the research on the
theory of corporate financialization is not in-depth, and the research methods are
relatively simple. Through in-depth analysis of existing literature and related theories,
this paper explores the factors affecting management myopia, which will help to further
reveal the internal motivation of enterprise management to choose financialization, and
has certain academic value. At the same time, aiming at the influence and mechanism
of financialization on enterprise innovation, it puts forward the enlightenment and
suggestions for managers, which has certain practical significance for optimizing the
internal management of enterprises, improving enterprise innovation ability, promoting
the return of real enterprises to their main business, and promoting the construction of
China;s innovative country.
Key Words:Manufacturing enterprises; Financialization; Enterprise
technological innovation; Management myopia
III