Tang Jianxin, Gong Rizhao, Shi Yun, Wang Huilin, Wang Meng
School of Business, Hunan University of Science and Technology, Xiangtan, 411201, China.
School of Intelligent Finance& Accounting Management, Guangdong University of Finance & Economics, Guangzhou, 510320, China.
Heliyon. 2024 Aug 10;10(16):e35981. doi: 10.1016/j.heliyon.2024.e35981. eCollection 2024 Aug 30.
Enterprise innovation remains a cornerstone of economic development, with the direct influence of financialization on enterprise innovation standing as a critical factor. In contrast with the existing research, this study constructs an evolutionary game model by utilizing the Cournot model to analyze the innovation behavior of enterprises, and analyzes the influence of financialization on enterprise innovation by incorporating investment returns, market competition, and demand scale into the research framework. In addition, this study selects the sample of the Chinese non-financial listed enterprises and using panel data for the period 2009 to 2021. Based on the findings from the empirical analysis, this study reveals that excessive financialization hinders innovation in Chinese enterprises. Additionally, an intermediary pathway involving 'financialization - investment returns - enterprise innovation' is identified as a transmission mechanism. The demand scale generated by innovation inversely correlates with the inhibitory effects of financialization on enterprise innovation behavior. Meanwhile, heightened market competition amplifies the inhibitory influence of financialization on innovation. This study provided valuable empirical evidence, facilitating the enhancement of enterprise innovation efficiency.
企业创新仍然是经济发展的基石，金融化对企业创新的直接影响是一个关键因素。与现有研究不同，本研究利用古诺模型构建了一个演化博弈模型来分析企业的创新行为，并将投资回报、市场竞争和需求规模纳入研究框架，分析金融化对企业创新的影响。此外，本研究选取了中国非金融上市公司样本，并使用2009年至2021年的面板数据。基于实证分析结果，本研究发现过度金融化阻碍了中国企业的创新。此外，还识别出一条涉及“金融化-投资回报-企业创新”的中介路径作为传导机制。创新产生的需求规模与金融化对企业创新行为的抑制作用呈负相关。同时，市场竞争加剧会放大金融化对创新的抑制影响。本研究提供了有价值的实证证据，有助于提高企业创新效率。
