| At present,China’s economy has entered a stage of high-quality development,economic development has entered a new normal,but in the process of progress,entity enterprises have unreasonable industrial structure and financing difficulties and low profitability and other dilemmas,on the contrary,the rapid development of the virtual economy,the profits and development momentum of finance and real estate and other industries easily shake off the real industry,the reality dilemma and profit induction and other multiple factors jointly drive entity enterprises to invest in financial assets.Similarly,high-tech companies are expanding their investment in financial assets and becoming financialized.Will the excessive tendency to invest in financial assets affect the investment of high-tech enterprises in scientific and technological innovation? Exploring the impact of the financialization of high-tech enterprises on technological innovation has profound practical significance.The existing literature on the relationship between the financialization of entity enterprises and technological innovation has formed conclusions that are mainly divided into two views: the positive impact of the "reservoir effect" and the negative impact of the "crowding out effect".This thesis selects the high-tech industry and ZTE as the research objects,and adopts the method of combining empirical analysis and case analysis to explore the impact of the financialization of high-tech enterprises on the technological innovation of enterprises from the high-tech industry as a whole to the representative company.First,the impact of the financialization of high-tech enterprises on technological innovation is studied.Through the data,it is found that the overall number of financial assets and technological innovation investment of high-tech enterprises in the past ten years have increased year by year,and the panel data of A-share listed high-tech enterprises in the past ten years from 2009 to 2018 is selected for empirical analysis,and the impact of financialization of high-tech industry on technological innovation is explored from different levels of technological innovation investment indicators,and the empirical results show that:(1)The degree of financialization of high-tech enterprises will have a significant negative impact on technological innovation investment.The investment of high-tech enterprises in financial assets has a crowding out effect on technological innovation investment;(2)the inhibition effect of financialization of high-tech enterprises on technological innovation investment is not only reflected in the absolute index of R&D expenses,but also in the relative index of R&D investment intensity.Secondly,ZTE,the leading company in the communication industry,is selected as a representative enterprise in the high-tech industry to introduce and analyze the case.According to the data,it is found that the financial degree of ZTE in the past ten years rose first and then returned to the normal level,but the enterprise innovation investment has continuously broken through new highs.Case analysis using the method of regression analysis and correlation analysis,to explore the ZTE financialization of different levels of technology innovation in the concrete influence the measure and draw the following conclusions:(1)for high-tech enterprise on behalf of ZTE,ZTE financialization degree and its R&D had no obvious correlation,but negatively related to the R&D expenditure growth rate significantly;(2)Financialization degree of ZTE is significantly negatively correlated with R&D investment intensity.Finally,according to the empirical results of the high-tech industry and the research conclusions of ZTE,the following suggestions are proposed: broaden financing channels and reduce financing costs;optimize the industrial structure and control overcapacity;attach importance to the intensity of R&D investment to form a virtuous cycle of innovation;encourage innovative development and expand research output. |
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