Research On The Moderating Effect Of Corporate Governance Mechanism On The Relation Between Corporate Financialization And Enterprise R&d Investment

Innovation is the soul and motivation of a country's development and progress,and it is also a necessary condition for enterprises to seek vitality.Nowadays,with the increasing competition in the market,the ability to innovate has become a key factor for the sustainable development of enterprises,and also an important support for the steady development of China's economy.Therefore,the ability of independent innovation of enterprises has been widely concerned by the society.The level of R&D investment of a company can reflect the strength of the company's competitiveness,and it is also a key factor in enhancing corporate efficiency and winning fierce market competition.But in the process of economic development,the status of the real economy and finance is changing.In the difficult environment of traditional manufacturing enterprises,the high profits of the financial industry enable enterprises to participate in the financial market continuously,but moderate financial investment is conducive to the development of enterprises,which can improve the income and performance of enterprises.However,excessive financial investment will lead to insufficient investment in innovation,leading to the loss of independent innovation capability and even decline.Therefore,it is very important to find a reasonable way to regulate the relationship between enterprise financialization and R&D investment.Corporate governance mechanism is the key factor to regulate the relationship between them.Therefore,it is a hot issue to study the impact of corporate governance mechanisms on corporate financialization and R&D investment.This paper takes Shanghai and Shenzhen A-share listed nonfinancial companies which continuously disclose R&D investment from 2011 to 2017 as the research sample,uses the balanced panel data model,the hierarchical regression analysis method and the component analysis method,and makes an empirical analysis on the relationship between enterprise financialization and R&D investment of listed companies.Firstly,the relationship between enterprise financialization and R&D investment is empirically analyzed by taking enterprise financialization as independent variable and enterprise R&D investment as dependent variable.Then,taking corporate governance mechanism as independent variable and corporate R&D investment as dependent variable,this paper studies the impact of corporate governance mechanism on corporate R&D investment.Finally,the corporate governance mechanism is introduced as a moderating variable to explore the moderating effect of corporate governance mechanism on the relationship between enterprise financialization and enterprise R&D investment from two aspects of incentive mechanism and supervision mechanism.According to the empirical results of this paper,relevant policy recommendations are put forward.The study of these issues is of great significance for Chinese companies to properly control investment behavior.