文献类型：期刊文献

中文题名：企业金融资产配置的流动性调整与创新投资驱动

英文题名：Liquidity Adjustment of Financial Asset Allocation and Promotion of Innovation Investment

作者：罗云峰[1,2];柳永明[2];王会龙[1]

机构：[1]绍兴文理学院元培学院,浙江绍兴312000;[2]上海财经大学金融学院,上海200433

年份：2022

卷号：44

期号：2

起止页码：79

中文期刊名：当代经济管理

外文期刊名：Contemporary Economic Management

收录：国家哲学社会科学学术期刊数据库、CSSCI_E2021_2022、北大核心、CSSCI、北大核心2020

基金：浙江省教育厅科研项目《企业持续创新投资与金融资产配置的协调性研究:以浙江省为例》(Y202043109);浙江省哲学社会科学规划课题《创新网络协同、创新主体互动与企业协同创新绩效研究——基于产学研联盟实证》(16NDJC115YB)。

语种：中文

中文关键词：金融资产配置;流动性调整;创新投资

外文关键词：financial asset allocation;liquidity adjustment;innovation investment

中文摘要：企业金融资产的流动性能够在一定程度上发挥“蓄水池”功能,为持续创新投资提供内源融资功能,但金融资产自身的运营也会对企业流动性资源产生消耗,从而“挤出”创新投资。从企业创新投资的动态过程看,企业金融资产配置对创新投资的实际影响,很大程度上取决于金融资产运行对企业整体产生的流动性调整。基于2007—2018年中国上市公司样本的实证研究显示,企业金融资产配置带来的流动性调整对企业创新投资产生显著影响,与货币现金调整相吻合的正向流动性调整显著促进了创新投资,反之则对创新投资产生挤压效应。进一步的分析显示,融资约束条件与金融收益均在一定程度上刺激了企业金融资产的流动性调整对创新投资的双重效应;在公司治理机制方面则出现了分化,代理成本加剧了对创新投资的“挤出”效应,外部股东机制则加强了促进效应。

外文摘要：The liquidity characteristics of enterprise financial assets can play the“reservoir”function to a certain extent and provide endogenous financing function for sustainable innovation investment.But the operation of financial assets will also consume enterprise liquidity resources,thus squeezing out innovation investment.From the dynamic process of enterprise innovation investment,the actual impact of enterprise financial asset allocation on innovation investment largely depends on the liquidity adjustment of the whole enterprise caused by the operation of financial assets.The empirical study based on the sample of Chinese listed companies from 2007 to 2018 shows that the liquidity adjustment brought by enterprise financial asset allocation has a significant impact on enterprise innovation investment.The positive liquidity adjustment consistent with the currency cash adjustment significantly promotes innovation investment.Otherwise,it has a squeezing effect on innovation investment.Further analysis shows that both financing constraints and financial returns stimulate the dual effects of liquidity adjustment of enterprise financial assets on innovation investment to a certain extent;In terms of corporate governance mechanism,there is differentiation.Agency cost intensifies the crowding out effect of innovation investment.The external shareholder mechanism strengthens the promotion effect.