企业财务结构失调与技术创新投入——来自“存贷双高”的经验证据

摘要/Abstract

摘要： 企业技术创新是中国创新驱动发展战略的核心支撑，而合理的财务结构则是企业技术创新的基本前提。作为企业财务结构失调的重要表现形式，“存贷双高”成为媒体追踪的热点和证监会问询的要点的同时，也困扰着企业的技术创新。然而，学界对“存贷双高”的关注和探讨还非常匮乏，且已有的少数研究衡量“存贷双高”的指标较为单一和粗糙。本文以2007-2020年中国A股上市公司为研究样本，通过重新构建“存贷双高”的衡量指标，探讨了“存贷双高”对企业技术创新投入的影响，进而分析了宏观、中观、微观环境不同时，“存贷双高”影响的差异，并试着揭示了“存贷双高”影响企业技术创新投入的内在路径。研究结果表明，“存贷双高”显著阻碍了企业的技术创新，导致创新投入不足。在经济政策不确定性较强、金融市场化程度较高、未成立专门财务公司的情形下，“存贷双高”对企业技术创新投入的伤害尤为严重。路径检验的结果则显示，企业持续经营风险的增加是“存贷双高”阻碍企业技术创新投入的主要路径。

关键词: “存贷双高”, 持续经营风险, 融资成本, 技术创新投入

Abstract: Corporate technological innovation serves as a core pillar of China's innovation-driven development strategy, while a sound financial structure constitutes a fundamental prerequisite for such innovation activities. As a prominent manifestation of financial structure imbalance, "high deposit and high loan" has not only attracted sustained media attention and regulatory scrutiny from the China Securities Regulatory Commission but also posed significant challenges to firms' technological innovation efforts. However, there is still very little attention and discussion in the academic circles on the "high deposit and high loan". The few existing studies use rigid and rough indicators to measure the "high deposit and high loan". This paper takes China's A-share listed companies from 2007 to 2020 as the research sample. We discuss the impact of the "high deposit and high loan" on corporate technological innovation investment, then analyze the differences of the relationship when macroscopic, mesoscopic and microscopic environments change, and try to reveal the internal path of the "high deposit and high loan" affecting the technological innovation investment of enterprises. The research results show that the "high deposit and high loan" significantly hinders the technological innovation of enterprises, resulting in insufficient investment in innovation. Furthermore, under the circumstances of high economic policy uncertainty, high financial marketization, or no support from a special financial company, the "high deposit and high loan" harms the technological innovation investment of enterprises more seriously. The path analyses show that the increase of going concern risk is the main reason for the "high deposit and high loan" to hinder corporate technological innovation investment.

Key words: high deposit and high loan, going concern risk, financing cost, technological innovation investment

翟士运. 企业财务结构失调与技术创新投入——来自“存贷双高”的经验证据[J]. 管理评论, 2025, 37(5): 81-93.

Zhai Shiyun. Enterprise Structural Disorder and Technological Innovation Investment: Empirical Evidence from “High Deposit and High Loan”[J]. Management Review, 2025, 37(5): 81-93.

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