Research On The Impact Of Financial Asset Allocation On Enterprise Technology Innovation

Since China’s economy entered the "new normal" stage in 2014,the importance of technological innovation to the high-quality and sustainable development of the national economy and the realization of the innovation-driven development strategy has become increasingly prominent.At the same time,after the outbreak of the global financial crisis in 2008,the financialization tendency of China’s economy became increasingly obvious,and financial asset allocation has gradually become a common strategic behavior of real enterprises,and the impact effect on the technological innovation of enterprises has gradually emerged.As the main body of national innovation and development strategy,it is of great significance to study the influence of financial asset allocation on the technological innovation and development of enterprises.This paper uses the sample data of listed manufacturing enterprises in China’s A-share market from 2010 to 2018 to study the impact of financial asset allocation on enterprise technological innovation,and introduces financial performance and technology introduction as intermediary variables into the model to verify whether there is an intermediary effect.The research results show that: first,Financial asset allocation has an inhibitory effect on the technological innovation of manufacturing enterprises;second,Financial assets with different liquidity have different impacts on enterprise technological innovation,Specifically speaking,Short-term financial asset allocation will inhibit enterprise technological innovation,Long-term financial asset allocation will promote the technological innovation of enterprises;third,The impact of financial asset allocation behavior on the technological innovation of manufacturing enterprises with different technology dependence degree and different property rights nature is also different,Specifically speaking,Compared with high-tech enterprises and non-state-owned enterprises,The financial asset allocation behavior of non-high-tech enterprises and state-owned enterprises has a strong negative effect on innovation investment,The negative effect on innovation output is relatively weak;fourth,Further exploring the influence mechanism between the two findings,Financial performance has a cover-up effect between enterprise financial asset allocation and enterprise technological innovation,Technology introduction has an intermediary effect between the enterprise financial asset allocation and the enterprise technology innovation investment.In view of the above conclusions,the paper finally puts forward relevant countermeasures and suggestions,hoping to provide the thinking direction and theoretical basis for the government to reasonably guide enterprises to implement financial investment and make innovative decisions.The possible marginal contribution is mainly reflected in two aspects.First,unlike the innovation input or output in the paper,the overall effect of financial asset allocation on technological innovation in Chinese manufacturing enterprises,but also discusses the heterogeneity of financial asset allocation on technological innovation among different manufacturing enterprises,so as to allocate different enterprises according to their own conditions.