上市公司购买理财产品对创新绩效的影响研究

曹 越; 刘天伦; 张文琪

上市公司购买理财产品对创新绩效的影响研究

引用本文：曹越，刘天伦，张文琪.上市公司购买理财产品对创新绩效的影响研究[J].财经理论与实践,2022,(5):74-83

摘要点击次数: 135

全文下载次数: 0

作者	单位
曹越，刘天伦，张文琪	（湖南大学工商管理学院，湖南长沙〓410082）

中文摘要:基于上市公司购买理财产品是当前资本市场中不可忽视的重要现象，依据2011-2018年中国全部A股上市公司数据，考量上市公司购买理财产品对创新绩效的影响。结果显示：购买理财产品会显著降低上市公司的创新绩效；当上市公司处于法律环境较差的地区、投资收益较高、非高新技术公司及高管持股比例较低时，购买理财产品对其创新绩效的降幅影响更大；研发投入被挤出是上市公司购买理财产品降低创新绩效水平的重要渠道机制。

中文关键词:购买理财产品创新绩效研发投入

A Study on the Impact of Purchasing Wealth Management Products on Innovation Performance

Abstract:The purchase of wealth management products by listed companies is an important phenomenon that can not be ignored in the current capital market. This paper takes all A share listed companies in China from 2011 to 2018 as a sample to test the impact of purchasing wealth management products on innovation performance of listed companies. The result shows that purchasing wealth management products can significantly reduce the innovation performance of listed companies. Further research shows that when the listed companies are located in an area with poor legal environment, high return on investment, non high tech companies and low shareholding ratio of senior executives, purchasing wealth management products has a greater impact on the decline of innovation performance. R&D investment is an important channel mechanism for purchasing wealth management products to reduce the innovation performance of listed companies.

keywords:purchasing wealth management products innovation performance R&D investment

查看全文 查看/发表评论 下载pdf阅读器