制造业企业金融化对企业技术创新的影响研究
研究生姓名：郑礼阳
导师姓名：张海丰
学科：金融
研究方向：金融市场与投资
年级：2020级
中文摘要
党的十九大报告提出，现阶段我国经济已由高速增长阶段向高质量发展阶段转
型，这是我国经济发展方式的重大转变，预示着我国经济已经迈入新发展阶段。高
质量发展的核心要求是通过创新提高产品和服务的质量来提升经济增长的质量，有
别于过去单纯依靠生产要素和生产规模的扩张所带来的经济粗放式增长。制造业是
我国经济发展的重要基础和压舱石，推动制造业企业从价值链中低端向高端的攀升，
是我国由制造大国向制造强国转变的内在要求，更是实现经济高质量发展的必由之
路。
金融是经济增长的助推器和产业发展的润滑剂，我国经济要想实现高质量发展，
离不开金融部门的支持。实体经济作为我国经济的压舱石和稳定器，应率先实现高
质量发展。金融部门为实体经济服务是金融的基本职能和应有之意；而实体经济也
是金融发展的根基，离开了实体经济，金融就会出现“空转”，从而导致虚假繁荣和
经济泡沫的出现，最终影响整个经济的健康发展。
本研究以我国制造业企业为研究对象，以企业研发为研究切入点，分析我国制
造业企业金融化对企业技术创新的影响；并根据企业产权性质的差异和所面临融资
约束的不同，分别进行实证检验和异质性分析，从而提出企业应对金融化所应采取
的措施，以及政府协助企业进行技术研发政策建议。本研究为完善金融扶持实体经
济和提高金融支持实体经济发展的效率提供了有益参考。
研究表明：在我国制造业企业中，制造业企业金融化抑制企业技术创新的问题
是普遍存在的，金融领域的高回报使得制造业企业倾向于配置更多的金融资产参与
金融投资活动，而不是把资源投放到企业的技术研发当中。在对制造业企业进行异
质性分析中发现，在国有企业中金融化抑制技术创新的态势比在民营企业中更为严
重；此外，存在高融资约束的企业相对于低融资约束低的企业来说，金融化抑制企
业技术创新情况更加突出。
根据以上研究结论，本研究从三个主体：企业、政府和金融机构分别提出了实
现制造业企业与金融业良性互动的政策建议：第一，制造业企业自身需保持创新能
力来实现长期稳定发展。不断地进行研发投入、提升企业创新能力，从而提升技术
工艺和产品服务质量，增加企业的市场价值，才能更好地促进企业自身的发展。同
时，企业在进行金融资产配置时，要平衡金融资产和非金融资产的比例；高管要避
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免盲目自信，进行合理化投资；不断完善企业内部督察机制，加强对金融风险的识
别与防控。第二，政府要针对不同类型的企业设定具有针对性的扶持政策和监管标
准，完善市场激励机制；降低民营企业融资贷款门槛，对中小民营制造企业予以信
贷资金扶持，缓解中小企业融资难、融资贵等问题，积极培育优质企业，发挥带动
效应。第三，商业银行等金融机构也要积极助力制造业企业发展，在资金安全的前
提下扩大信贷规模，支持国家重点领域发展；并且积极落实创新激励政策，完善制
造业企业进行技术研发的客观条件，助力制造业企业转型升级。
关键词：制造业企业；金融化；技术创新
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Research on the influence of financialization of manufacturing
enterprises on technological innovation
Graduate student: Liyang Zheng
Supervisor: Haifeng Zhang
Major: Finance
Research direction: Financial markets and investment
Grate: 2020
Abstract
According to the report of the 19th National Congress of the Communist Party of China
(CPC), China's economy has transformed from a stage of high-speed growth to a stage of
high-quality development, which is a major change in China's economic development mode
and indicates that China's economy has entered a new stage of development. The core
requirement of high-quality development is to improve the quality of economic growth by
improving the quality of products and services through innovation, which is different from
the extensive economic growth brought about by the expansion of factors of production and
scale of production in the past. Manufacturing is an important foundation and ballast stone
for China's economic development. Promoting manufacturing enterprises to climb from the
middle and low end of the value chain to the high end is the internal requirement for China's
transformation from a manufacturing power to a manufacturing power, but also the only way
to achieve high-quality economic development.
Finance is the booster of economic growth and the lubricant of industrial development.
If China's economy wants to achieve high-quality development, it cannot do without the
support of the financial sector. As the ballast and stabilizer of China's economy, the real
economy should take the lead in achieving high-quality development. It is the basic function
and proper meaning of finance that the financial sector serves the real economy. The real
economy is also the foundation of financial development. Without the real economy, finance
will appear "idling", resulting in false prosperity and economic bubbles, and ultimately
affecting the healthy development of the entire economy.
This study takes China's manufacturing enterprises as the research object and takes
enterprise R&D as the research entry point to analyze the impact of financialization of
China's manufacturing enterprises on enterprise technological innovation. According to the
difference of property rights and financing constraints of enterprises, empirical test and
heterogeneity analysis are carried out respectively, so as to put forward the measures that
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