Financialization,Government Subsidies And R&D Investment Of Listed Manufacturing Companies

China is currently in a critical period of economic transformation,economic development has entered a new normal,and manufacturing companies are achieving a transition to innovation.In recent years,with the rapid expansion of the global financialization,the growing financial speculation in the manufacturing industry has profoundly affected the industrial foundation and R&D innovation capabilities of enterprises.Excessive financialization will weaken the development foundation of the enterprise and thus exert a depressive effect on the enterprise's R&D investment.In order to seek innovation,development,transformation and upgrading,the government actively responds to the implementation of the strategy of manufacturing power,and supports R&D innovation in manufacturing through government subsidies.However,what impact government subsidies will have on financialization and corporate R&D investment,and to what extent,has important practical significance for the transformation and upgrading of China's manufacturing industry.This paper is based on the unbalanced panel data of Shanghai and Shenzhen A-share manufacturing companies from 2007 to 2018.First of all,under the framework of financial deepening theory,through empirical testing,does the financialization of entity companies promote or inhibit R&D innovation? Secondly,the two-stage theoretical model of R&D investment is constructed based on the Gonzalez model.Considering that there are decisions on government subsidies and R&D innovation,the R&D activities are divided into Two stages of R&D decision and investment.Heckman's two-step method is selected to verify the regulatory effect of government subsidies on the relationship between corporate financialization and R&D investment from an empirical perspective,so as to eliminate the self-selection bias caused by the sample.Furthermore,in order to explore the impact of corporate heterogeneity on financialization,government subsidies,and corporate R&D innovation,the robustness of the empirical results is further verified according to the four dimensions of corporate ownership type,technology type,location factors,and financing constraints.Finally,from the perspective of the industry as a whole,the impact of financialization on R&D innovation appears as a restraining effect,and government subsidies further exacerbate the negative impact of financialization on R&D investment.At the same time,due to differences in the profitability and resource endowments of different heterogeneous companies,the mechanisms of financialization,government subsidies,and R&D innovation of different companies are not static.This paper provides theoretical support for rational use of the financial market and effective allocation of financial capital to promote enterprises' R&D innovation.At the same time,it expands the microscopic theoretical research on the mechanism of government subsidies regulating financialization and R&D innovation,and has practical reference value for reshaping the financialization market paradigm and guiding the government to encourage independent innovation in manufacturing.