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引用次数: 0
摘要
本文以 2007 年至 2021 年沪深 A 股上市的制造业企业数据为基础,实证检验了智能化转型对企业金融化的影响、影响机制以及对二者关系的调节作用。研究发现,智能化转型对企业金融化有显著的负面影响,即智能化转型抑制了企业金融化程度。调节效应回归结果表明,智能化转型对金融化活动的抑制作用在国有企业和融资约束较大的企业中更为明显;高度竞争的市场对智能化转型对企业金融化活动的抑制作用具有负向调节作用。机理检验证明,智能化转型可以通过提高实体部门的投资回报率,抑制企业影子银行活动规模,从而改变实体部门与金融部门之间的资金流向,抑制企业金融化。本文从企业金融化的角度补充了智能化转型的经济后果,为政府的智能化转型政策和企业的智能化创新战略提供了实证依据。
Intelligent Transformation and Corporate Financialization
Based on the data of manufacturing enterprises listed in the Shanghai and Shenzhen A-shares from 2007 to 2021, this paper empirically examines the impact of intelligent transformation on corporate financialization, its mechanisms, and the moderating effects on their relationship. The study finds that intelligent transformation has a significant negative impact on corporate financialization, namely, intelligent transformation inhibits the degree of corporate financialization. The results of the moderating effect regression show that the inhibitory effect of intelligent transformation on financialization activities is more pronounced in state-owned enterprises and firms with greater financing constraints; a highly competitive market negatively moderates the inhibitory effect of intelligent transformation on corporate financialization activities. Mechanism tests prove that intelligent transformation can inhibit corporate financialization by increasing the return on investment in the real sector and curbing the scale of shadow banking activities of enterprises, thereby changing the flow of capital between the real and financial sectors. This paper supplements the economic consequences of intelligent transformation from the perspective of corporate financialization and provides empirical evidence for government policies on intelligent transformation and corporate strategies for intelligent innovation.