Research On The Impact Of Corporate Financialization On The Innovation Ability Of Listed Companies In The High-end Equipment Manufacturing Industry

The high-end equipment manufacturing industry is the key to transform China from a manufacture of quantity to one of quality,and its technological innovation achievements are an important factor that determines China’s position in the world economic structure.At present,China’s high-end equipment manufacturing industry still has problems such as overcapacity,low-price competition,and core technology "stuck necks",and is in the middle and low end of the international value chain.With the global spread of the new crown epidemic in 2020,international production and supply chains are showing new trends of short-chain and regionalization.In the face of the technological blockade by the United States,China’s high-end equipment manufacturing industry must improve its independent innovation capabilities as soon as possible and overcome key core technologies in order to maintain China’s existing supply chain and improve its position in the international value chain.In recent years,China’s financial market has developed rapidly,and many real enterprises have eased financial pressure through financial investment and promoted corporate innovation.However,as the rate of return on investment in the real economy gradually declines,some companies are attracted by the short-term gains in the financial market,neglecting the development of their main business,and squeeze out the funds invested in R&D.Based on this,the article explores its impact on the innovation capability of China’s high-end equipment manufacturing industry from the perspective of corporate financialization.The article first sorts out the relevant research on corporate financialization and its motivations,corporate innovation and its influencing factors,and the impact of corporate financialization on innovation capabilities,and analyzes the impact and path of financialization on innovation input and output of high-end equipment manufacturing enterprises from a theoretical level,and put forward research hypotheses,and then describe the current development status of financialization and innovation capabilities of China’s high-end equipment manufacturing enterprises.Finally,the article selects 139 listed highend equipment manufacturing enterprises in China from 2012 to 2021 as samples,uses a two-way fixed effect model to analyze the impact of corporate financialization on the innovation capabilities of high-end equipment manufacturing enterprises,and conducts heterogeneity analysis,robustness and internal Biosimilarity test,influence mechanism test.The research shows that:(1)At the current stage,the financialization of high-end equipment manufacturing enterprises has a significant negative impact on innovation input and output,and there is a lag;(2)The financialization of non-state-owned high-end equipment manufacturing enterprises has a negative impact on innovation input.The impact is more significant,but due to the problem of low innovation efficiency,the negative impact of its financialization behavior on innovation output is relatively weak;(3)The financialization of high-end equipment manufacturing enterprises with high equity concentration and high risk-taking level has a relatively weak impact on innovation input;(4)In terms of impact mechanism,corporate financialization increases innovation input by improving cash flow savings and short-term operating performance,but it cannot offset the reduced innovation input due to excessive holdings of financial assets and lack of innovation motivation.Corporate financialization suppresses the output of innovation results by crowding out innovation input out.In response to the above research conclusions,the article puts forward relevant policy suggestions from both the government and the enterprise.The government should further improve the financial system,strengthen financial supervision,create a good innovation environment for the high-end equipment manufacturing industry,and give full play to the role of state-owned enterprises as "leaders".High-end equipment manufacturing enterprises should strengthen their long-term development strategy,rationally use financial assets,improve their own governance structure,strengthen internal control,and improve their innovation capabilities.