技术创新对金融资产超配的非线性治理效应——基于异质性动机视角被引量：3

The Nonlinear Governance Effect of Technological Innovation on the Overallocation of Financial Assets——Based on the Perspective of Heterogeneous Motivation

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摘要近年来,企业金融化现象凸显,但背后的动因却不尽相同。为此,本文从流动性维度分离出预防性金融资产、从风险性维度分离出逐利性金融资产,结合2007—2017年A股制造业上市企业数据研究发现:不同动机下的金融资产持有规模均存在目标水平,且都呈现出围绕目标水平动态收敛的特征;调整成本差异导致预防性动机下的金融资产收敛速度更快;技术创新对预防性金融资产超配水平的收敛速度存在倒U型调节作用,而对逐利性金融资产超配水平的收敛速度存在正U型调节作用;技术创新产出的进一步增长并不会加速国有企业与低创新企业风险性金融资产超配的回敛速度,即创新对二者风险性金融资产的U型调节拐点未出现,这表明此类企业在风险性金融资产持有上具有更高的风险容忍度,是治理的关键。 In recent years,the phenomenon of corporate financialization has become prominent,but the mo-tivation behind it is different.Therefore,this paper separates the preventive financial asset investment from the liquidity dimension and the speculative financial asset investment from the risk dimension.Combined with the data of A-share listed manufacturing enterprises from 2007 to 2017,it proves that:the financial asset invest-ment under different motivations has the target level,and they all present the characteristics of dynamic con-vergence around the target level;the difference of adjustment cost leads to faster convergence of financial as-sets under preventive motivation;technological innovation(patent R&D)has an inverted U-shaped modera-ting effect on the convergence rate of preventive financial asset over allocation level,while it has a positive U-shaped moderating effect on the convergence rate of profit-seeking financial asset over allocation level;the further growth of technological innovation will not accelerate the convergence speed of risky financial asset over allocation level between state-owned enterprises and low innovation enterprises,that is,the U-shaped inflec-tion point of innovation does not appear,which implies that such enterprises have higher risk tolerance in the holding of risk financial assets,which is the key to governance.

作者于博杨洁 Yu Bo;Yang Jie(School of Finance,Tianjin University of Finance and Economics,Tianjin 300222)

机构地区天津财经大学金融学院

出处《经济纵横》 CSSCI 北大核心 2021年第6期111-122,共12页 Economic Review Journal

基金国家社科基金一般项目“货币政策波动与企业投资结构再平衡研究”(编号:17BGL062) 天津市高校“中青年骨干创新人才培养计划”(编号:津教人函〔2020〕4号)的成果。

关键词技术创新金融资产投资动态调整速度 GMM估计 Technological Innovation Financial Asset Investment Dynamic Adjustment Speed GMM Esti-mation

分类号 F812.45 [经济管理—财政学]