| At present,the role of the financial industry in the development of the world economy is increasingly significant,and the trend of financialization of the economy has emerged in more and more countries.The development of the financial industry and the development of the real economy have become significantly unbalanced.In order to pursue short-term performance improvement,more and more entity enterprises put a large amount of funds into the financial market,and the financial investment income of entity enterprises accounts for an increasing proportion in the total income of enterprises,that is,the tendency of enterprise financialization is increasingly prominent.If the financialization of enterprises develops too much,it will bring about great financial risks.Instead of blindly holding financial assets,entity enterprises should allocate financial assets to provide services for entity business,thus grabbing resources of main business and hindering the development of main business.The development of enterprises cannot be separated from innovation.Innovation,as the first driving force for development,is an important driving force for enterprises to maintain competitive advantages and achieve sustainable growth,and innovation investment is the basis and premise of innovation.Therefore,it is of great practical significance to study the impact of financialization on innovation investment.The motives of allocating financial assets are mainly divided into the precautionary reserve motive and the speculative profit motive.Under different motives,the influence of financialization on innovation investment of enterprises may be different.Based on the precautionary reserve theory and principal-agent theory,this paper puts forward four research hypotheses.From 2009 to 2018 a-share non-financial listed companies in our country as the research object,using the financial assets held share profit and financial channels to separately measure to prevent enterprise financialization degree under reserve motive and speculative profit motive,introducing the industry characteristics as control variables,using fixed effect panel data model,research under reserve and speculative profit motive enterprises financialization influence on enterprise innovation investment,and to the Internet-2013 as the cut-off point for the segmentation of the first year of the financial inspection,and then further inspection enterprise financing constraints,and the technical attributes the adjustment effect of financialization affect innovation investment.The empirical results show that the financialization of non-financial enterprises plays a "reservoir" effect on enterprise innovation investment under the prevention of reserve motivation,and there is a positive correlation between the two.Under the speculative profit motive,non-financial enterprise financialization squeezes out the innovation investment,and enterprise financialization inhibits the innovation investment.Compared with the year before the Internet finance yuan,the "reservoir" effect of financialization of non-financial enterprises on innovation investment is stronger and the crowding out effect is also stronger.This paper further tested the enterprise financing constraints,and the technical attributes of non-financial companies under different motives financialization and innovation investment relationship,the influence of the empirical results show that the improvement of corporate financing constraints prevent reserve motivation is weakened under the non-financial companies financialization "reservoir" effect of enterprise innovation,speculative profit motive has also weakened the non-financial companies financialization extrusion effect of innovation investment;Compared with non-high-tech enterprises,the "reservoir" effect of enterprise financialization on innovation investment of high-tech enterprises is stronger and the crowding out effect is weaker. |
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