科研管理

科研管理 ›› 2025, Vol. 46 ›› Issue (11): 107-116.DOI: 10.19571/j.cnki.1000-2995.2025.11.011

• 论文 • 上一篇    下一篇

金融强监管对企业创新的影响研究

陈文瑞1,2，胡沛文1，石昕3，刘星河1   

  1. 1.广东外语外贸大学会计学院，广东 广州510006；
    2.广东外语外贸大学跨国并购与创新战略研究中心，广东 广州510006；
    3.山东财经大学会计学院，山东 济南250014
  • 收稿日期:2024-02-26 修回日期:2024-11-22 接受日期:2024-11-22 出版日期:2025-11-20 发布日期:2025-11-07
  • 通讯作者: 石昕
  • 基金资助:
    广东省基础与应用基础研究基金区域联合基金项目（2023A1515110375, 2023.11—2026.10）；广东省基础与应用基础研究基金面上项目（2024A1515012671, 2024.01—2026.12）；山东省自然科学基金项目青年面上专项（ZR2024QG133, 2024.09—2027.12）。

Research on the impact of strong financial regulation on firm innovation

Chen Wenrui1,2, Hu Peiwen1, Shi Xin3, Liu Xinghe1   

  1. 1. School of Accountancy, Guangdong University of Foreign Studies, Guangzhou 510006, Guangdong, China;
    2. Research Center for Cross-Border M&A and Innovation Strategy, Guangdong University of Foreign Studies, Guangzhou 510006, Guangdong, China;
    3. School of Accountancy, Shandong University of Finance and Economics, Jinan 250014, Shandong, China
  • Received:2024-02-26 Revised:2024-11-22 Accepted:2024-11-22 Online:2025-11-20 Published:2025-11-07

摘要：    金融是国家核心竞争力的重要组成部分，全面加强金融监管、有效防范化解金融风险是推动金融支持实体经济提质增效发展目标实现的重要方向。本文以资管新规政策作为准自然实验，选取2014—2022年A股非金融非房地产上市企业作为研究样本，从企业创新的视角切入，运用双重差分模型探究资管新规政策实施对企业投资偏好“脱实向虚”的治理效果及作用机制。研究结果表明：资管新规实施后，企业创新投入显著增加。机制检验显示，压缩金融资产规模、聚焦主营业务与提升高素质人才雇佣规模为资管新规政策提升企业研发投入的主要渠道。进一步研究发现，资管新规促进企业提升创新投入的效应在非国有企业、位于金融化水平高地区的企业以及行业竞争程度低的企业中更为显著。拓展性研究发现，资管新规促进企业增加自身的研发投入有助于提升企业的创新产出，并且对其企业价值有显著的提升作用。研究结论有利于厘清金融监管与企业创新的关系，并为金融监管政策制定与实施以及企业创新活动的促进提供参考。

关键词: 资管新规, 企业创新, 金融资产

Abstract:    As finance is a critical component of national core competitiveness, strengthening financial regulation comprehensively and mitigating financial risks effectively are essential directions for achieving the goal of enhancing the efficiency and quality of financial support for the real economy. Using the New Asset Management Regulations (NAMR) as a quasi-natural experiment, this study selected A-share non-financial and non-real estate listed companies from 2014 to 2022 as the research sample and employed a difference-in-differences (DID) model to examine the regulatory effects and mechanisms of the NAMR in curbing corporate investment preferences for financialization over real economic activities. The findings indicated that the implementation of the NAMR significantly increased corporate innovation investment. The mechanism tests revealed that the main channels through which the NAMR enhances corporate R&D investment include reducing the scale of financial assets, refocusing on core business activities, and expanding the employment of high-quality talent. Further analyses showed that the NAMR′s effect on boosting innovation investment is more pronounced among non-state-owned enterprises, firms located in regions with higher financialization levels, and industries with lower competition levels. Moreover, additional research found that the NAMR′s promotion of corporate R&D investment contributes to improved innovation output and significantly enhances corporate value. The study′s conclusions will help clarify the relationship between financial regulation and corporate innovation, thus providing valuable insights for formulation and implementation of financial regulatory policies and promotion of corporate innovation activities.

Key words: new asset management regulation, enterprise innovation, financial assets