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论文编号：	12573
作者编号：	2120192813
上传时间：	2021/6/16 10:35:31
中文题目：	企业金融化、高管股权激励与双元创新
英文题目：	Enterprise Financialization, Executive Equity Incentive and Dual Innovation
指导老师：	程新生 教授
中文关键字：	企业金融化；双元创新；融资约束；高管股权激励
英文关键字：	Enterprise Financialization; Dual Innovation; Financing Constraint; Executive Equity Incentive
中文摘要：	2008年全球金融危机严重冲击了我国经济，引起实体行业盈利能力不断下降，与此同时金融业的收益却不断攀升，金融化趋势凸显。微观表现为我国企业将越来越多的资金投入金融领域，配置金融资产，而忽视正常的实体经济活动，即出现了“脱实向虚”的现象。最有效的应对措施为提高创新能力，加快产业转型。随着互联网技术的不断发展，科技革命带动信息技术与制造业产融结合，成为未来新一轮企业发展的方向。在此背景下，结合我国处于经济发展新常态的现状，国家层面出台了相应的政策文件，不仅有助于提高企业绩效，更重要的是带动我国的自主创新能力，对实现我国经济稳定有序发展起到了举足轻重的作用。 在理论层面，国内外学者对企业金融化以及企业创新展开了丰富的研究，同时引入了诸如货币政策、企业产权性质等宏微观因素进一步探究。但大多数文献以单一维度考察企业金融化程度和同质化的创新活动，鲜有文献关注企业金融化的行为和结果对企业双元创新，即利用式创新和探索式创新的影响。 综合以上背景和相关理论基础，本文选取我国2014至2019年非金融类上市公司的12363个公司——年度观测值作为研究样本，并引入融资约束和高管股权激励进一步研究。通过实证检验，研究发现：（1）企业金融资产持有行为“挤出”了利用式创新，但金融资产获利有助于利用式创新；（2）企业金融化“挤占”了探索式创新；（3）融资约束是企业金融资产持有行为对利用式创新、企业金融化对探索式创新的部分中介变量；（4）高管股权激励有助于双元创新，且对企业金融化与探索式创新的关系具有调节作用，有效削弱了企业金融化对探索式创新的消极影响。本文的研究结论为回归实体经济，优化股权激励制度，缓解融资约束提供了支持，有利于改善企业效益和稳定有序发展经济。
英文摘要：	The global financial crisis in 2008 severely impacted China's economy, resulting in the declining profitability of the real industry. At the same time, the financial industry is booming, and the trend of financialization is highlighted. At the micro level, more and more enterprises in China invest in the financial field and allocate financial assets, while ignoring the normal real economic activities. The phenomenon of "from real to virtual" appears. It is essential to speed up the transformation and upgrading of the virtual economy. Combined with the current situation of China's economic development in the new stage, the government has issued the corresponding policies. It not only is beneficial for the performance of companies, but also plays a decisive role in driving China's independent innovation ability and realizing the stable and orderly development of China's economy. At the theoretical level, scholars have carried out a wealth of research on enterprise financialization and innovation, and introduced macro and micro factors such as monetary policy, the nature of enterprise property rights to further explore. However, most literatures investigate the degree of enterprise financialization and homogeneous innovation activities from a single dimension, and few focus on the impact of the enterprise financial behavior and results on dual innovation, namely exploitative innovation and exploratory innovation. Based on the above background and relevant theoretical basis, this paper selects 12363 firm-year observations of domestic non-financial listed companies from 2014 to 2019 as the research samples, and introduces financing constraint and executive equity incentive to research further. Through empirical test, the research finds that: (1) The holding behavior of financial assets crowds out exploitative innovation, but the profit of financial assets is beneficial to exploitative innovation. (2) Enterprise financialization crowds out exploratory innovation. (3) Financing constraints achieve a mediating effect in the enterprise financial asset holding and exploitative innovation, enterprise financialization and exploratory innovation. (4) Executive equity incentive contributes to dual innovation, and has a moderating effect on enterprise financialization and exploratory innovation, which effectively weakens the negative impact of enterprise financialization on exploratory innovation. The conclusion provides support for returning to the real economy, optimizing equity incentive system and easing the financing constraints, which is conducive to improving enterprise efficiency and orderly and stable economic development.
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