| In recent years,with the continuous improvement of China’s financial market and the continuous innovation and upgrading of financial instruments,China’s financial sector has expanded rapidly,which has induced undesirable phenomena in the real economy,such as removal from reality to virtuality.The excessive financialization of enterprises makes the entire market economy faces more serious risks in the development process.At the same time,the United States is suppressing China in terms of technology,so the innovation capability of China’s real economy has become an important issue that needs to be considered for economic development.Technological innovation activities are an inevitable condition for the long-term development of China’s entity enterprises,and are also the source of vitality for efficient operation and sustainable development.When China’s economy enters the new normal development track,high-quality development is the main theme in this stage.To support the entity economy and ensure the high-quality development of the economy,it is necessary to reverse the development status of reducing the real to the virtual and driving the high-quality development of the market with innovation.Therefore,researching the impact of the financialization of entity enterprises on enterprise innovation can provide an important reference to promoting China’s enterprises to remove from the virtual to the real and move towards a high-quality development path.The purpose of this paper is to guide the investment of real enterprises and promote the innovation and development of enterprises,follow the research ideas of theoretical framework,mechanism analysis,reality analysis,empirical analysis,countermeasures and suggestions,focuse on combining theory with practice,and provide theoretical support for policy formulation.This paper comprehensively uses the relevant knowledge of microeconomics,finance,econometrics,statistics and other disciplines to sort out the relevant theories on the impact of corporate financialization on corporate innovation,analyze the mechanism of financialization and its impact on corporate innovation.This article further established the decisionmaking model of the impact of corporate financialization on corporate innovation,and analyzed the relationship between corporate innovation and corporate financialization.This is the theoretical cornerstone of this study.Then the article describes the development of corporate financialization and corporate innovation in China,and deeply analyzes the development differences in three aspects: region,industry and equity nature(considering mixed ownership reform),which is the realistic basis of this paper.Finally,this paper builds a model from the perspective of empirical analysis,discusses the impact of corporate financialization on corporate innovation input and innovation efficiency,and further discusses the heterogeneity of the impact effect and the existence of intermediary effects based on the results of the theoretical model.Under the background,this article provides corresponding countermeasures and suggestions for promoting the innovation of Chinese enterprises and promoting high-quality economic development.Firstly,this paper systematically sorts out the relevant theories of financialization and enterprise innovation.Combined with existing research and China’s national conditions,a clear definition of corporate financialization and corporate innovation has been established.On this basis,the article analyzes the generation mechanism of enterprise financialization and its influence mechanism on enterprise innovation,including asset allocation mechanism,financing restraint mechanism,risk avoidance mechanism and value maximization mechanism.Then this paper establishes the corresponding enterprise investment decision-making model,analyzes how enterprise financialization affects enterprise innovation,and discovers the heterogeneity of the effect.Secondly,this article analyzes the reality of China’s corporate financialization and corporate innovation in detail,and further explores the heterogeneity of development in three aspects: region,industry,and the nature of equity.Among them,the heterogeneity of the nature of equity is studied at the same time,the factors of mixed ownership reform were taken into consideration and the samples were further subdivided.It was found that the mixed reform could encourage state-owned enterprises to absorb the advantages of non-state-owned enterprises,increase main profits and innovation efficiency.Thirdly,according to the results of theoretical analysis and practical analysis,this paper establishes a corresponding empirical model to study the impact of corporate financialization on corporate innovation investment.This part is an empirical discussion of the previous investment decision-making model.This paper examines the impact of corporate financialization on corporate innovation investment from the perspectives of asset side and profit side,conducts endogeneity test through IV-GMM method,and discusses the robustness of results.This paper further analyzes the heterogeneity and quantile effect of the impact of corporate financialization on corporate innovation in terms of equity nature,market competition,and financing constraints.The research results show that the financialization of real enterprises has a significant crowding-out effect on the innovation investment of enterprises,and the impact effect has significant heterogeneity in the nature of equity,market competition and financing constraints.Compared with state-owned enterprises,non-state-owned enterprises’ innovation motivation and innovation pressure is stronger;Market competition will strengthen the crowding-out utility of corporate financial asset allocation to innovation input,but it will not increase the squeeze-out of corporate arbitrage motives on corporate innovation input;Financing constraints will weaken the impact of corporate asset financialization on innovation investment.The crowding-out effect of innovation investment will increase the crowding out of corporate arbitrage motives to corporate innovation investment;The financialization of corporate assets has a stronger impact on enterprises with moderate innovation investment,while financial dependence only affects the proportion of corporate innovation investment.Low entity enterprises have a crowding out effect,and have no significant impact on entity enterprises with high innovation input.Compared with state-owned enterprises,non-state-owned enterprises’ innovation motivation and innovation pressure is stronger;Market competition will strengthen the crowding-out utility of corporate financial asset allocation to innovation input,but it will not increase the squeeze-out of corporate arbitrage motives on corporate innovation input;Fourthly,this paper studies the impact of corporate financialization on corporate innovation efficiency.This part is an extension of the impact of corporate financialization on corporate innovation investment.After the change of corporate innovation investment,whether the efficiency of innovation will also be affected by financialization is the main research question of this part.This paper examines the impact of corporate financialization on innovation efficiency from the two aspects of patent output quantity and patent quality,and analyzes the mediating effect of R&D investment.The study found that the financialization of real enterprise assets has a weakening effect on the innovation efficiency of enterprises,but financial dependence will reduce the output efficiency of enterprises and improve the quality of patents.Among them,the investment income of enterprises in the industry is the main reason to promote the improvement of the quality of enterprises’ patents.The heterogeneity of impact also exists.Compared with state-owned enterprises,non-state-owned enterprises are more profit-driven,and their innovation input and efficiency depend on the benefits brought by innovation;Market competition will strengthen the negative effect of corporate financial asset allocation on corporate innovation efficiency;Financing constraints will strengthen the negative effect of corporate financial asset allocation on the efficiency of corporate patent output,and will have a slight weakening effect on the impact of patent quality.At the same time,in the process of influencing innovation efficiency,R&D investment plays the role of influencing intermediary.Finally,combined with the results of theoretical analysis and empirical analysis,this paper puts forward policy suggestions to promote the innovation of Chinese enterprises.The current gradual increase in the degree of corporate financialization and the gradual decline in corporate R&D efficiency are facts that cannot be ignored.Based on the results of theoretical and empirical analysis,combined with the reality of China’s corporate financialization and corporate innovation and development,this article put forward relevant policy recommendations from three aspects: overall plan design,external environment optimization and internal factor optimization to improve China’s industrial innovation system,promote financial services to better serve the real economy,thereby incentivizing enterprises to strengthen innovation activities and boost China’s economic trend high-quality development path. |
