全球金融周期对我国企业融入全球创新网络的影响
The Impact of the Global Financial Cycle on the Integration of Chinese Enterprises in the Global Innovation Network

企业的创新决策会受到信贷融资等国内环境的影响。随着我国市场的进一步开放，国内企业的外部环境理所应当受到全球市场冲击的影响，而全球金融周期正是驱动全球市场冲击的重要因素。本文选择2005~2019年的全部A股上市公司的年度观测值数据进行实证分析，研究全球金融周期对我国企业融入全球创新网络的影响机制和影响效果。研究表明全球金融周期处于繁荣阶段将促进我国企业融入全球创新网络，全球金融周期处于衰退阶段将阻碍我国企业融入全球创新网络，即对于全球金融周期，我国企业融入全球创新网络呈现顺周期现象。跨境资本流动具有顺全球金融周期特征，全球金融周期上行会增加跨境资本流入我国，促进我国企业融入全球创新网络；全球金融周期下行放缓跨境资本流入我国，抑制我国企业融入全球创新网络。我国企业的人力资本结构亦具有顺全球金融周期的特征。即全球金融周期上行有助于优化我国企业的人力资本结构，从而促进我国企业融入全球创新网络；全球金融周期下行则阻碍了我国企业的人力资本结构的优化，抑制我国企业融入全球创新网络。
The innovation decisions of enterprises will be influenced by domestic environments such as credit financing. With the further opening up of China’s market, the external environment of domestic enterprises is naturally affected by the global market shock, and the global financial cycle is precisely an important factor driving the global market shock. This paper selects the annual observed value data of all A-share listed companies from 2005 to 2019 for empirical analysis to study the influence mechanism and effect of the global financial cycle on the integration of Chinese enterprises into the global innovation network. Research shows that when the global financial cycle is in a prosperous stage, it will promote the integration of Chinese enterprises into the global innovation network. When the global financial cycle is in a recessionary stage, it will hinder the integration of Chinese enterprises into the global innovation network. That is to say, for the global financial cycle, the integration of Chinese enterprises into the global innovation network presents a pro-cyclical phenomenon. Cross-border capital flows have the characteristic of conforming to the global financial cycle. An upward trend in the global financial cycle will increase cross-border capital inflows into China and promote the integration of Chinese enterprises into the global innovation network. The slowdown of the global financial cycle has slowed down cross-border capital inflows into China, hindering the integration of Chinese enterprises into the global innovation network. The human capital structure of enterprises in our country also has the characteristics of conforming to the global financial cycle. That is, the upward trend of the global financial cycle helps optimize the human capital structure of Chinese enterprises, thereby promoting their integration into the global innovation network. The downward trend of the global financial cycle has hindered the optimization of the human capital structure of Chinese enterprises and suppressed their