| Currently,China is at a special time of economic structural transformation,and also a critical time of financial market reform.With the industrial transformation and the increasing downward pressure on the economy as well as the increasingly complex international trade environment,the production and operation of real companies are struggling.However,the status and role of the financial industry,at the same time,have become increasingly prominent in economic development,and the real estate industry has also been extremely prosperous,which leads to a large amount of capital into the constantly innovative financial market and real estate industry and it has become an indisputable fact that capital is more injected into factitious economy rather than real economy.Driven by the motive of capital for profit,a considerable number of companies have started investing their industrial capital into types of financial asset and real estate to obtain huge profits,making financial asset allocation become an important part of asset portfolio of real companies,which is called "corporate financialization" by scholars.Lessons drawn from previous financial crises show that it's bound to be a disaster for false prosperity of the financial market without the support of development of the real economy.However,financialization without the support of real economy will inevitably be a disaster.Therefore,widespread concern among scholars has been aroused about whether scientific and technological innovation,the driving force for the sustained and stable development of real economy,will be affected by the allocation of corporate financial asset.At the same time,there is no agreement in the existing research conclusions on the economic consequence of financialization of real companies and one possible reason is different types and complex motives behind the financialization of companies.In this case,a unified conclusion can't be obtained unless those types and motives are distinguished.On account of this,this thesis tries to study the impact of corporate financialization in different types on its technological innovation and its mechanism and channels by identifying types and motivations of corporate financialization based on the perspective of heterogeneity analysis.Specifically,this thesis based on the summarization and review of relevant literatures and documents at home and abroad,with the 2008-2019 Shanghai and Shenzhen A-share listed companies as its research sample,from the perspective of heterogeneity analysis,does a theoretical analysis and gives an empirical test and answer to the following three questions:(1)Does corporate financial asset allocation with different motives and types have a different influence on corporate technological innovation?(2)If the abovementioned influence exists,what are the mechanisms or ways by which the different types of financialization of companies affect its technological innovation?(3)Different types of financialization of companies affect its heterogeneity in technological innovation.The thesis draws the following conclusions:First,from the perspective of the overall level of corporate financialization,corporate financialization and technological innovation show a significant negative correlation,namely,corporate financialization crowds out corporate technological innovation.However,there are striking differences in the impact of different corporate financial asset allocations on technological innovation after classifying the financial assets allocated in the process of corporate financialization into transactional financial assets and investment financial assets according to the characteristics of financial assets.The empirical results show that transactional financial asset allocation has a positive impact on corporate technological innovation,while there is a significant negative correlation between investment financial asset allocation and corporate technological innovation.Second,allocating transactional financial assets can significantly alleviate the financing constraints of companies,and also provide continuous financial support for the technological innovation of companies,which reflects the "reservoir" function of transactional financial asset allocation.In addition,allocation of transactional financial assets can greatly increase company's risk-taking level while the increase of risk-taking level will help companies with more scientific and technological innovation activities.Risk-taking which is realized through the combination of transactional financial asset allocation and corporate R?D and innovation investment enables companies to withstand high-risk R?D and innovation activities at an acceptable level of risk.And it has an intermediary effect on the transactional financial assets to promote corporate technological innovation,reflecting the "portfolio investment" effect of transactional financial asset allocation.Third,the high return rate of financial investment spurs non-financial companies to allocate more investment financial assets.The more the allocation of investment financial assets is,the stronger the profitability of financial assets is and the stronger the company relies on its technological innovation.The profitability of financial assets plays a partial intermediary role in a company's decision to allocate investment financial assets instead of technological innovation and is manifested as the "profit-driven" mechanism of investment financial asset allocation.Meanwhile,allocation of investment financial assets has significantly reduced company's risk-taking level and increased the pressure on companies when facing the uncertain risks of technological innovation,which leads to the reduction in companies' tolerance for investment risks in technological innovation.The level of risk-taking of companies plays a partial intermediary role in a company's decision to allocate investment financial assets instead of technological innovation and is manifested as the "portfolio investment" mechanism of investment financial asset allocation.Fourth,this thesis has a further study on the heterogeneous influence of different types of corporate financialization on the promotion or inhibition of corporate technological innovation under different internal and external corporate governance mechanisms and draws conclusions as follows:(1)With the different nature of companies' property rights,there are obvious differences in the impact of different types of corporate financialization on the technological innovation of companies.The financial asset allocation of state-owned companies crowds out their technological innovation,which is very significant in both transactional financial asset allocation and investment financial asset allocation.As for financial asset allocation of non-state-owned companies,its "reservoir" function is more prominent.Transactional financial asset allocation has a positive impact on the technological innovation of companies while investment financial asset allocation is negatively correlated with technological innovation,but not significant.The result shows that,compared with state-owned companies,non-state-owned enterprises are more willing to allocate transactional financial asset as savings fund of corporate technology innovation.Differences in ownership affect the sources of corporate technology innovation funds,therefore,it's very important for China's economic transformation to break the mismatch of resources caused by ownership forms.(2)The increase in the level of regional marketization not only reduces the promotion of transactional financial asset allocation to corporate technological innovation but also relieves the crowding-out effect of investment financial asset allocation on corporate technological innovation.Meanwhile,it reduces the difference between internal and external financing costs of companies and companies can use external financial support to carry out technological innovations,and also have more motivation to carry out technological innovations that are beneficial to their long-term development,reducing their speculation and arbitrage behavior.(3)The shortsightedness of management has a significant impact on the relationship between the two types of financialization and technological innovation of companies.The more management pays attention to the short-term performance of the company,the more likely it is that in order to maintain a high salary level,it will go against the decision of maximizing the long-term interests of the company and obtain short-term benefits by allocating investment financial asset which results in crowding out technology innovation that has high risks but can bring long-term benefits to the company as well as weakening the promotion effect of transactional financial asset allocation on corporate technological innovation.The higher the asset turnover rate of a company,the more significant the promotion effect of transactional financial asset allocation on corporate technological innovation,and it can significantly reduce the crowding-out effect of investment financial asset allocation on corporate technological innovation.When the interests of the management and the owners tend to be consistent,the financial asset allocation of the company will have a positive effect on the scientific and technological innovation.(4)The increase in ownership concentration has significantly reduced the positive effect of transactional financial asset allocation on corporate technological innovation,and has intensified the crowding-out effect of investment financial asset allocation on corporate technological innovation.Major shareholders regard the capital market as a channel of interest transmission among companies,and realize the profit transfer through associated transactions and associated control,while ignoring scientific and technological innovation activities that are beneficial to the long-term development of companies.(5)Institutional investors as the active external governance mechanism help companies with more allocation in transactional financial asset in order to provide financial support for companies'technological innovation.At the same time,the increase in institutional investors' shareholding ratio reduces short-term speculation of companies and weakens the crowding-out effect of investment financial asset allocation on corporate technological innovation.It further divides institutional investors into five types such as pressure-resistant investors and pressure-sensitive ones to study their impact on the relationship between the two types of financialization and technological innovation.Pressure-resistant institutional investors pay more attention to the long-term development of companies and play an active external governance role while pressure-sensitive institutional investors pay more attention to short-term interests and fail to play an active role in company governance.Other types of institutional investors do not have a significant impact on the financial asset investment of companies probably because of the complicated investment relationship with them.(6)That companies with high-performance invest in financial asset is a "surplus effect".Those companies invest idle funds into the financial sector to provide sustainable financial support for the development of their future main business while obtaining investment income but for companies with low-performance,it is a "substitution effect",and their behavior to allocate financial asset is a financial speculation.They invest funds that should have been used for the main business such as technological innovation to financial field in order to increase the comprehensive income of companies,which intensifies the crowding-out effect of financial asset allocation on technological innovation.This thesis enriches and expands related research from the following two aspects:First,take into account different types of corporate financialization and the complex motives behind it,and discuss the relationship between corporate financialization and technological innovation.Existing documents on the relationship between corporate financialization and technological innovation mainly focus on the impact of corporate general financial asset allocation on corporate technological innovation but few people consider whether there are differences in the impact of corporate financial asset allocation in different types on technological innovation.Based on the analysis of the types and motivations of corporate financialization,the thesis studies their impact on corporate behaviors respectively,and classified them,through empirical analysis,into the corporate financialization type that promotes corporate technological innovation and the corporate financialization one that inhibits corporate technological innovation.The thesis ponds on the impact of different types of financial asset allocation of companies on technological innovation and strives to make the research conclusions in line with the economic reality of China and the actual situation of companies by taking into account the characteristics of the current low-level marketization in China,unbalanced development levels among regions,type I agency problem of separation of corporate ownership and management rights,and type II agency problem between large shareholders and small shareholders as well as factors such as shortsightedness of management,institutional shareholding and company income from main business.Second,it analyzes in depth the impact mechanism of companies' allocation of financial asset in different types to promote or inhibit corporate technological innovation in order to uncover the black box of the heterogeneity of financial asset of corporate allocation.The current documents seldom consider the internal impact mechanism of different types of financial asset on the technological innovation of companies.Based on the summary of previous documents,this thesis proposes the liquidity reserve effect and risk mitigation effect of transactional financial asset on corporate innovation,as well as the profit-driven mechanism and high-risk portfolio investment mechanism of investment financial assets on corporate innovation and it has an empirical analysis on the basis of theoretical analysis.The "reservoir" effect of transactional financial asset is tested from the perspectives of financing constraints and the sustainability of R?D expenses,the "profit-driven"mechanism of investment financial asset is empirically tested from the perspective of financial asset return,and from the perspective of risk-taking,it tested the "portfolio investment " effect of two types of financial asset and technological innovation. |
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