金融资产投资对创新投入的挤出效应研究

doi:10.16381/j.cnki.issn1003-207x.2017.0563

Abstract

Abstract: 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.

Key words: financial assets investment, innovation investment, risk, financial constraints, short selling and margin trading activities

CLC Number:

F270

LI Chaofan, MENG Qingxi, WANG Shengnian. The Crowding-out Effect of Financial Assets Investment on Innovation Investment[J]. Chinese Journal of Management Science, 2021, 29(10): 12-22.

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

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