金融化是否阻碍了企业的创新? 基于进化游戏的中国企业创新行为的分析
Jianxin Tang1, Rizhao Gong1, Yun Shi2
1School of Business, Hunan University of Science and Technology, Xiangtan, 411201, China.
Heliyon
|September 4, 2024
概括
过度金融化阻碍了企业的创新,特别是在中国. 投资回报,市场竞争和需求规模调解了这种关系,影响了经济发展.
科学领域:
- 经济学 经济学 经济学
- 企业管理 企业管理
- 金融经济学 金融经济学
背景情况:
- 企业创新对于经济增长至关重要.
- 融资对创新的影响是一个关键的研究领域.
- 现有的研究缺乏全面的进化游戏模型方法.
研究的目的:
- 分析金融化对企业创新行为的影响.
- 研究投资回报,市场竞争和需求规模的调解作用.
- 提供关于金融化对中国企业的影响的经验证据.
主要方法:
- 使用Cournot模型构建了一个进化游戏模型.
- 将投资回报,市场竞争和需求规模纳入框架.
- 使用中国非金融上市企业 (2009-2021) 面板数据的实证分析.
主要成果:
- 发现过度金融化阻碍了中国企业的创新.
- 确定了"金融化 - 投资回报 - 企业创新"的传输机制.
- 需求规模与金融化的抑制作用相反相关,而市场竞争则放大了它.
结论:
- 融资对创新的影响是复杂的,并且取决于环境.
- 了解这些动态对于提高企业创新效率至关重要.
- 建议对平衡金融化和创新的政策影响.
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