Research On The Influence Of Enterprise Financialization On The Innovation Efficiency Of Listed Companies In China's Manufacturing Industry

Under the background of the new era,the trend of enterprise financialization has an important influence on enterprise investment and brings a series of uncertain factors to the high-quality development of China's manufacturing enterprises.As a supporting industry of China's economic innovation-driven development,manufacturing industry is becoming increasingly prominent.How will the trend of "from real to virtual" affect enterprise innovation investment and innovation efficiency?It is of great practical significance to study the influence mechanism of enterprise financialization on innovation efficiency of China's manufacturing industry from the micro level.This paper adopts the data of A-share manufacturing listed companies in Shanghai and shenzhen from 2007 to 2018 for empirical research.First of all,the relevant domestic and foreign literature,concepts and theories are briefly sorted out and summarized.Secondly,it analyzes and expounds the current situation of financialization and innovation development of listed manufacturing companies in China.Then,it explores the mechanism of enterprise financialization affecting the innovation input,output and innovation efficiency of China's listed manufacturing companies,and demonstrates it by using empirical measurement method and multiple robustness tests.Thirdly,from the perspective of heterogeneity such as scale,technology,property right and location,this paper further explores the difference between enterprise financialization and innovation efficiency of listed manufacturing companies in China.Finally,from three aspects of the uncertainty of macroeconomic policy,the degree of market competition in the middle industry,and the financing constraint of micro enterprises,the regulation mechanism of enterprise financialization affecting the innovation efficiency of listed manufacturing companies in China is explored.It was found that:(1)enterprises of China's listed companies manufacturing innovation input and output has significantly inhibition effect,to the enterprise innovation efficiency has the effect of the "inverted U-shaped",namely the financialization partly moderate enterprises play a "reservoir" effect,help enterprise innovation efficiency,but with the enterprise financialization degree deepening,and gradually after crossing the "inflection point" financialization does not favor the enterprise innovation efficiency;(2)the results of heterogeneity analysis show that large-scale enterprise financialization has an "inverted U-shaped" effect on enterprise innovation efficiency,which first increases and then decreases;small-scale enterprise financialization has a significant promoting effect on enterprise innovation efficiency,but the "inverted U-shaped" effect is not significant;Both technology-intensive and non-technology-intensive financialization have an "inverted U-shaped" effect on the innovation efficiency of enterprises.The financialization of state-owned enterprises and non-state-owned enterprises has an "inverted U-shaped" effect on the innovation efficiency of enterprises.The financialization of manufacturing enterprises in the eastern region and the central and western regions has an "inverted U-shaped" effect on the innovation efficiency of enterprises.(3)macro-level adjustment effect results show that,under the influence of economic policy uncertainty regulation mechanism,enterprise financialization has a more prominent inhibition effect on enterprise innovation input and innovation output,and enterprise financialization still has a significant effect on the "inverted U-shaped" effect on enterprise innovation efficiency;(4)medium-level adjustment effect results show that,under the influence of the regulation mechanism of the degree of competition in the industry market,the inhibition effect of enterprise financialization on enterprise innovation input and innovation output is more obvious,and the "inverted U-shaped" effect of enterprise financialization on enterprise innovation efficiency is significant;(5)micro-level adjustment effect results show that,under the influence of financing constraints regulation mechanism,enterprise financialization effect is more pronounced,the restraint of the enterprise innovation input,there is no significant effect on enterprise innovation output,at the same time on the efficiency of the enterprise innovation affect the significant effect of "inverted U-shaped",and the enterprise financialization inflection point value further cuts,deep meaning lies in the fact that the underlying manufacturing entity enterprises should further reduce proportion of financial assets,increased investment in innovation,avoid excessive financialization "crowd out" effect on enterprise innovation efficiency.On this basis,put forward targeted countermeasures and Suggestions.