| After the global financial crisis in 2008,the downward pressure on China’s economy continued to increase,and the profitability of physical enterprises continued to decline,making the trend of financialization that began in the 1980s increasingly obvious in China.The fundamental response to the financial crisis lies in accelerating industrial transformation and upgrading and innovation.With the rapid development of the new round of information technology,the integration of information technology and manufacturing has become an important feature of the new round of technological development.In order to grasp the dominance of a new round of global economic competition,major countries have successively issued relevant policies to promote technological innovation and industrial upgrading.China is currently in a critical period of industrial transformation.Improving the innovation awareness and ability of enterprises not only concerns the long-term survival and development of enterprises,but also plays a key role in the success of China’s industrial transformation.This article focuses on the micro-performance of economic financialization—the impact of corporate financialization on corporate innovation,and the regulatory effect of macroeconomic policies on the role of corporate financialization and corporate innovation.After combing the domestic and foreign scholars’ research on the definition,measurement methods,causes,and impact on economic development of the financialization of enterprises and the theoretical foundations related to corporate financialization and corporate innovation issues,the mechanism of action of corporate financialization on corporate innovation Conducted a theoretical analysis.The different effects of corporate financialization on corporate innovation depend on the motivation of corporate financialization.Based on this,three basic assumptions are proposed:(1)The current corporate financialization of China has a positive or negative significant impact on corporate innovation,(2)Loose monetary policy has a positive or negative regulatory effect on the negative effect of corporate financialization on corporate innovation.(3)Expansionary fiscal policies have a positive regulating effect on the negative effect of corporate financialization on corporate innovation.Based on the difference in liquidity of different financial assets and the difference in the impact of financialization of different types of enterprises on enterprise innovation,a heterogeneity analysis is conducted to comprehensively investigate the micro-function mechanism of enterprise financialization on enterprise innovation.This article uses the annual data of 1,629 non-financial A-share listed companies in China from 2007 to 2018 to establish an econometric regression model.After empirically studying the specific impact of corporate financialization on corporate innovation in China,the following four conclusions are obtained:(1)There is a negative correlation between innovation and corporate innovation.(2)Loose monetary policy and expansionary fiscal policy have a positive regulatory effect on the relationship between corporate financialization and corporate innovation.(3)Compared with long-term financial assets,companies hold short-term financial assets more based on profit-seeking motives,and the squeeze-out effect on corporate innovation is also more obvious.(4)The degree of financialization of enterprises in different regions,industries and different property rights has a heterogeneous relationship with enterprise innovation.Under a narrow sense,the degree of financialization of enterprises in the eastern region,state-owned enterprises,and labor-intensive enterprises is The extrusion effect is more obvious.Under the broad sense,the financialization of non-state-owned enterprises has a more pronounced effect on innovation.In this paper,the robustness of the research results is confirmed by the use of one-lag explanatory variables,changes in measurement indicators,and sub-sample regressionBased on the conclusions of empirical research and the current economic situation,this article gives the government and enterprises relevant suggestions:(1)For the government,it is necessary to create a healthy financial environment for enterprise development,and use industrial policies to guide enterprises To achieve industrial transformation and upgrading through innovation,to restrict the trend of corporate financialization from the source of credit,to suppress the excessively rapid rise in real estate prices,and to adopt accurate monetary policies and more supportive fiscal policies to suppress the trend of corporate financialization and promote corporate Innovation.(2)For enterprises,when using financial assets to obtain benefits,they must not sacrifice the development of their main business.They must keep up with the trend of the times,formulate mid-and long-term development goals with innovation support,and emphasize the evaluation and incentives for innovation to management.To avoid agency problems. |
