实体企业金融化、企业创新和内部控制
Financialization of Non-Financial Enterprises, Corporate Innovation and Internal Control

本文从实体企业金融化动机出发，采用2012~2022年中国A股上市公司年度数据，探讨了实体企业金融化对企业创新的影响，以及内部控制在其中的调节作用。研究发现，我国实体企业金融化动机以“替代”动机为主，会挤出企业创新投入和创新产出。内部控制可以缓解企业金融化对创新的挤出。进一步研究表明，在融资约束较低的样本组中，金融化对创新的抑制作用明显，而在融资约束高的样本组中不显著。同时，实体企业金融化也会抑制企业的绿色创新，值得引起关注。本文的研究丰富了对实体企业金融化经济后果的认识，并从宏观、中观和微观层面为金融化问题提供了可能的对策和启示。
This article begins with an exploration of the motives behind the financialization of non-financial enterprises, using annual data from Chinese A-share listed companies from 2012 to 2022. It discusses the impact of non-financial enterprises financialization on corporate innovation and the moderating role of internal control. The study finds that in China, the primary motive for non-financial enterprises financialization is the “substitution” motive, which suppresses corporate innovation input and output. Internal control can mitigate the crowding-out effect of financialization on innovation. Further research indicates that in samples with lower financing constraints, the inhibitory effect of financialization on innovation is significant, while it is not significant in samples with higher financing constraints. Additionally, non-financial enterprises financialization can also crowd out corporate green innovation, which is worth noting. This study enriches the understanding of the economic consequences of non-financial enterprises financialization and provides possible strategies and insights for addressing financialization issues from macro, meso, and micro perspectives.