| The report of the Nineteenth National Congress clearly put forward the important role of innovation in national development,and enterprises,as the main force of innovation and development,shoulder the mission of technological innovation.In recent years,with the in-depth development of the financial industry,the return on investment in the financial market has been continuously improved,and enterprises have been driven by the motivation to pursue profits.In this context,it is of great practical significance to explore the impact of enterprise financialization and its technological innovation.We use a combination of theory and empirical methods.Based on the principal-agent theory,financing constraint theory,technological innovation theory,and diversified management theory,the mechanism of enterprise financialization on enterprise technological innovation is theoretically analyzed and hypotheses are proposed.The data of listed companies of A-share non-financial enterprises in China from 2010 to 2020 were selected as the research objects,and the benchmark regression model was constructed to test the impact of corporate financialization on enterprise technological innovation;on this basis,the impact path of corporate financialization on enterprise technological innovation was analyzed by using financing constraints as intermediary variables;and the heterogeneity analysis of the impact of corporate financialization on enterprise technological innovation was analyzed.The results show that:(1)enterprise financialization has a negative "crowding out" effect on both the input of enterprise technological innovation and the output of technological innovation,indicating that the overall impact of enterprise financialization on enterprise technological innovation is inhibited;(2)the financialization of enterprises affects enterprise technological innovation by alleviating financing constraints,and the intermediary utility of technological innovation input is greater than that of technological innovation output.(3)Through heterogeneity analysis,it is found that among state-owned enterprises and non-state-owned enterprises with different equity properties,the financialization of state-owned enterprises has a greater negative effect on technological innovation.The intermediary utility of financialization affecting technological innovation through financing constraints exists only in non-state-owned enterprises,and the intermediary utility of technological innovation input is greater than the intermediary utility of output;among high-tech enterprises and non-high-tech enterprises with different innovation dependence,the financialization of high-tech enterprises has a greater negative effect on technological innovation.The intermediary utility of financialization affecting technological innovation through financing constraints exists in both types of enterprises,and the intermediary utility high-tech enterprises that invest in technological innovation are greater than non-high-tech enterprises,and the intermediary utility of non-high-tech enterprises that affect technological innovation output is greater than that of high-tech enterprises.According to the conclusions of the study,suggestions are made from both the enterprise and the government: enterprises should attach importance to technological innovation,avoid excessive financialization,improve financing capabilities,strengthen internal monitoring,and improve the salary incentives of managers;the government should encourage technological innovation,establish a fault-tolerant mechanism,and alleviate corporate financing constraints and help enterprises innovate technologically. |
