金融资产投资对创新投入的挤出效应研究

基于我国经济“脱实向虚”的宏观背景，文章研究了微观企业金融资产投资对创新投入的消极影响，以及融资融券制度在其中的作用。以2007-2015年A股上市公司为样本的实证检验发现，金融资产投资阻碍了企业的创新投入。其机制在于，金融资产投资不仅引入了较多的外部风险，而且加剧了创新投入面临的融资约束，进而对创新投入表现为显著的挤出效应。以融资融券制度的实施为契机，进一步研究发现，融资融券业务通过增加上市公司的风险与融资约束，最终加剧了金融资产投资对创新投入的挤出效应。因此，应防止上市公司过度从事金融资产投资，同时对融资融券制度进行优化，促使资本市场更好地服务实体经济。

The Crowding-out Effect of Financial Assets Investment on Innovation Investment

Based on the background of the economics when capital flows from the real economy to virtual economy, the negative effects of the financial assets investment on the innovation activities, and the role of short selling and margin trading system on such negative effects are studied. Based on the samples between 2007 and 2015 of the listed companies, the empirical studies show that, the financial asset investment hinders the innovation investment because enterprises introduce more external risks and aggravate the financing constraints of the innovative investment during the process of financial asset investment.Based on the policy of short selling and margin trading activities, the further studies find that, by increasing the risk and financing constraints of the companies who participate in the short selling and margin trading activities, the short selling and margin trading activities finally increase the crowding-out effect of financial asset investment on innovation investment.Accordingly, it is necessary to prevent the companies from overinvesting in financial assets and optimize the short selling and margin trading system, so as to make the capital market better to enhance the productivity of the real economy.