Research On The Influence Of Entity Enterprise Financialization On Enterprise Innovation

In recent years,China’s real profit margins declining,economic increasing downward pressure,entity enterprise financial investment activities gradually active,a lot of industry capital from the entity industry flow to the virtual economy,cause the entity industry hollowing out,"take off the real to virtual" arising from the economic problems caused extensive concern of the government and academia.The fundamental solution to the problem of "shifting from the real economy to the virtual economy" is to accelerate industrial upgrading and innovation of real enterprises.With a new round of development of science and technology,The integrated development of science and technology and the real enterprise industry has become an important feature of economic development.my country is in a critical period of industrial upgrading and transformation.Enterprise innovation consciousness and innovation ability are not only related to the long-term development of enterprises,but also determines whether China can complete the industrial transformation and upgrading with high quality.Based on the real economy in China "to take off the real to virtual" problem and the fact that the rate of return of financial investment is higher than the rate of return of industrial investment,Empirically study the interaction between the financialization of real firms and firm innovation under the analytical framework of financing constraints and macroeconomic policy uncertainty.In this paper,non-real estate and non-financial listed companies in gem from 2010 to 2020 are selected as research objects,and the panel regression fixed effects model is used to empiricallystudy the impact of corporate financialization on corporate innovation,and the impact of variable financing constraints and economic policy uncertainty on the relationship between corporate financialization and corporate innovation.The results show that at present,At this stage,corporate financialization mainly manifests as a "crowding-out effect" on corporate innovation;Economic policy uncertainty and financing constraints are the important factors that affect enterprise innovation input,when deepening economic policy uncertainty,the uncertainty of economic financialization intensified enterprise extrusion effect of enterprise innovation,and financing constraints in the mediate variable between financialization and enterprise innovation,intermediary role.Finally,based on the research results of this paper,relevant policy recommendations are put forward.