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企业金融化、融资约束与创新效率——基于中国上市医药企业的实证研究

Corporate financialization, financing constraints, and innovation efficiency-Empirical evidence based on listed Chinese pharmaceutical companies.

机构信息

School of Business Administration, Shenyang Pharmaceutical University, Shenyang, China.

Drug Regulatory Research Base of NMPA, Research Institute of Drug Regulatory Science, Shenyang Pharmaceutical University, Shenyang, China.

出版信息

Front Public Health. 2023 Apr 14;11:1085148. doi: 10.3389/fpubh.2023.1085148. eCollection 2023.

DOI:10.3389/fpubh.2023.1085148
PMID:37124778
原文链接:https://pmc.ncbi.nlm.nih.gov/articles/PMC10140347/
Abstract

The relationship between financialization and innovation has become a common focus of academic attention. This paper analyzes the influence of corporate financialization on innovation efficiency based on balanced panel data of listed Chinese pharmaceutical companies from 2015 to 2020. Also, it examines the relationship between corporate financialization and innovation efficiency under different levels of financing constraints and the moderating mechanisms that exist. The results of the study show that corporate financialization negatively affects innovation efficiency and that this effect has a lag; corporate financialization hurts innovation efficiency across the different regions and firm nature, with a less inhibiting effect for eastern firms and non-state-owned firms; further tests of the mechanism of action show that there is a non-linear negative relationship between corporate financialization and innovation efficiency. And the inhibition of corporate financialization on innovation efficiency decreases as the level of financing constraints rises. Based on the above findings, this study provides warnings and recommendations for pharmaceutical companies to finance their innovative activities through financialization.

摘要

企业金融化与创新之间的关系已成为学术关注的共同焦点。本文基于 2015 年至 2020 年中国上市医药公司的平衡面板数据，分析了企业金融化对创新效率的影响。同时，还检验了在不同融资约束水平下企业金融化与创新效率之间的关系以及存在的调节机制。研究结果表明，企业金融化对创新效率产生负面影响，且这种影响具有滞后性；企业金融化对不同地区和企业性质的创新效率都有损害，对东部企业和非国有企业的抑制作用较小；进一步的作用机制检验表明，企业金融化与创新效率之间存在非线性负相关关系。随着融资约束水平的提高，企业金融化对创新效率的抑制作用减弱。基于上述发现，本研究为医药企业通过金融化为创新活动提供了警示和建议。

https://cdn.ncbi.nlm.nih.gov/pmc/blobs/0b83/10140347/bebdbe883545/fpubh-11-1085148-g004.jpg
https://cdn.ncbi.nlm.nih.gov/pmc/blobs/0b83/10140347/bdd93a1a2931/fpubh-11-1085148-g001.jpg
https://cdn.ncbi.nlm.nih.gov/pmc/blobs/0b83/10140347/cb43403b044c/fpubh-11-1085148-g002.jpg
https://cdn.ncbi.nlm.nih.gov/pmc/blobs/0b83/10140347/e7074a4fdd12/fpubh-11-1085148-g003.jpg
https://cdn.ncbi.nlm.nih.gov/pmc/blobs/0b83/10140347/bebdbe883545/fpubh-11-1085148-g004.jpg
https://cdn.ncbi.nlm.nih.gov/pmc/blobs/0b83/10140347/bdd93a1a2931/fpubh-11-1085148-g001.jpg
https://cdn.ncbi.nlm.nih.gov/pmc/blobs/0b83/10140347/cb43403b044c/fpubh-11-1085148-g002.jpg
https://cdn.ncbi.nlm.nih.gov/pmc/blobs/0b83/10140347/e7074a4fdd12/fpubh-11-1085148-g003.jpg
https://cdn.ncbi.nlm.nih.gov/pmc/blobs/0b83/10140347/bebdbe883545/fpubh-11-1085148-g004.jpg

相似文献

[1]
Corporate financialization, financing constraints, and innovation efficiency-Empirical evidence based on listed Chinese pharmaceutical companies.

Front Public Health. 2023

[2]
How High-Polluting Firms Suffer from Being Distracted form Intended Purpose: A Corporate Social Responsibility Perspective.

Int J Environ Res Public Health. 2020-12-9

[3]
The impact of subscribing to directors' and officers' liability insurance on corporate financialization: Evidence from China.

Front Psychol. 2022-9-16

[4]
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Heliyon. 2024-7-11

[5]
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Environ Sci Pollut Res Int. 2023-4

[6]
Do local governments' energy-saving target constraints inhibit financialization? Evidence from nonfinancial listed firms in China.

PLoS One. 2023

[7]
Environmental regulation, digital finance, and technological innovation: evidence from listed firms in China.

Environ Sci Pollut Res Int. 2023-3

[8]
Influence of Financialization of Heavily Polluting Enterprises on Technological Innovation under the Background of Environmental Pollution Control.

Int J Environ Res Public Health. 2021-12-17

[9]
Does digital finance improve the green investment of Chinese listed heavily polluting companies? The perspective of corporate financialization.

Environ Sci Pollut Res Int. 2022-10

[10]
The effect of the new Environmental Protection Law on corporate financialization in China.

Environ Sci Pollut Res Int. 2022-11

本文引用的文献

[1]
Investigating the Relationship Between Entity Financialization, Managers' Incentives, and Enterprise's Innovation: Fresh Evidence From China.

Front Psychol. 2022-3-4

[2]
An application of PCA-DEA with the double-bootstrap approach to estimate the technical efficiency of New Zealand District Health Boards.

Health Econ Policy Law. 2022-4

[3]
Regional technology gap and innovation efficiency trap in Chinese pharmaceutical manufacturing industry.

PLoS One. 2020-5-20

[4]
The Influence of Emerging Markets on the Pharmaceutical Industry.

Curr Ther Res Clin Exp. 2017-4-18

[5]
Private versus social incentives for pharmaceutical innovation.

J Health Econ. 2016-12

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