[1]肖忠意,林琳,陈志英,等.企业金融化与上市公司创新研发投入——基于董事会治理与创新文化的调节作用的实证分析[J].南开经济研究官网,2021,(01):143.
 Xiao Zhongyi,Lin Lin,Chen Zhiying and Xu Dingbao.Financialization of Non-financial listed Firm and Innovation Input: Interaction Effects of Board Governance and Enterprise Innovative Culture[J].Nankai Economic Studies,2021,(01):143.
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企业金融化与上市公司创新研发投入——基于董事会治理与创新文化的调节作用的实证分析(  )
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《南开经济研究》官网[ISSN:1001-4691/CN:12-1028/F]

卷:
期数:
2021年01
页码:
143
栏目:
出版日期:
2021-02-22

文章信息/Info

Title:
Financialization of Non-financial listed Firm and Innovation Input: Interaction Effects of Board Governance and Enterprise Innovative Culture
作者:
肖忠意林琳陈志英徐定宝
肖忠意,西南政法大学经济学院、民营经济研究中心(邮编:401120),E-mail:xiaozhongyi@swupl.edu.cn;林琳,西南政法大学经济学院(邮编:401120),E-mail:lin_lim@163.com;陈志英,西南政法大学经济学院、民营经济研究中心(邮编:401120),E-mail:zychen@swupl.edu.cn;徐定宝,四川外国语大学重庆南方翻译学院国际商贸与管理学院(邮编:401120)。
Author(s):
Xiao Zhongyi12 Lin Lin1 Chen Zhiying1 and Xu Dingbao3
(1. School of Economics, Southwest University of Political Science & Law, Chongqing 401120, China. 2. Research Center for Private Economy, Southwest University of Political Science & Law, Chongqing 401120, China. 3. Chongqing Nanfang Translators College of SISU, Chongqing 401120, China)
关键词:
企业金融化创新研发投入董事会治理创新文化
Keywords:
FinancializationR&D InputBoard GovernanceEnterprise Innovative Culture
摘要:
企业创新离不开持续的创新研发投入,在企业金融化日趋严重的事实背景下,本文利用2007~2017年中国A股非金融上市公司面板数据,检验了企业金融化对非金融上市公司研发投入的影响,从正式制度层面的董事会管理和非正式制度层面的企业创新文化两个维度检验了企业金融化对研发投入影响的作用机制。实证结果显示,企业金融化对非金融上市公司持续性创新具有抑制作用的“挤出”效应,且其对不同属性企业的影响存在差异。良好的董事会治理和企业创新文化对增加创新研发投入均有显著地促进作用,但进一步对其调节作用进行检验后发现,董事治理与企业金融化对创新研发投入的调节作用不显著,而企业创新文化能够与企业金融化形成调节作用,进而影响企业创新研发投入行为。对机制的分析结果表明,传统的西方董事会治理对创新的作用存在局限性,而筑造具有中国特色的新时代企业创新文化对焕发中国企业创新能力具有十分重要的理论和现实意义。
Abstract:
Enterprise innovation is inseparable from continuous innovation and R&D investment. Under the trend of the increasingly serious financialization of enterprises in China, this paper utilizes the panel data of China’s A-share non-financial listed companies over 2007~2017 to investigate the impact of financialization on the investment in R&D of non-financial listed companies, implying inhibitory effect of financialization on innovation input, and its impact on enterprises with different attributes is different. Further analysis revealed that either Good board governance or enterprise innovative culture have significantly promoted the investment in innovation and R&D, but enterprise innovative culture has an interaction effect in promoting R&D input. Therefore, these results indicate that the traditional Western theory of board governance has the limitation in explaining on the role of innovation. Continuously casting a corporate innovation culture with new era characteristics is of great practical and theoretical significance for rejuvenating the innovation ability of Chinese enterprises.

相似文献/References:

[1]赵林丹,梁琪.企业金融化与股价“同涨同跌”现象[J].南开经济研究官网,2021,(02):10.
 Zhao Lindan and Liang Qi.Corporate Financialization and Stock Price Synchronicity[J].Nankai Economic Studies,2021,(01):10.

更新日期/Last Update: 2021-01-18