Research On The Relationship Between Corporate Excessive Financialization,Financing Constraint And R&D Investment

The rise of the financial boom,so that all enterprises see the rich returns brought by financial activities,except for the financial industry,insurance and other special industries,entity enterprises involved in the financial field has gradually become a common business activities.However,the crisis brought by the financial bubble is unbearable for the whole capital market.The fifth Plenary Session of the 19th CPC Central Committee pointed out that the focus of economic development should be put on the real economy and beware of"shifting from the real to the virtual".In recent years,the state has continuously introduced preferential policies to support science and technology innovative enterprises,insisting that R&D is the primary productive force and increasing the importance of R&D in all walks of life.Innovation and research is the foundation for enterprises to maintain long-term development.General Secretary Xi stressed that innovation should be placed at the core of ensuring economic development,and theoretical,institutional,scientific and technological,and cultural innovation should be realized in all aspects.At the same time,many enterprises are facing the problem of slow and difficult financing when developing R&D activities.Previous studies on excessive financialization of enterprises mainly focused on how excessive financialization affects enterprise performance,and few related excessive financialization of enterprises,financing constraints and R&D investment to investigate the relationship among the three.Based on this,this paper takes non-financial listed companies from 2014 to 2020 as the research object and explores the relationship between over-financialization,financing constraints and R&D investment based on principal-agent theory,information asymmetry theory,financing sequencing theory and technology innovation theory.The results show that:(1)Over-holding of financial assets reduces R&D investment;(2)Excessive holding of financial assets reduces the intensity of financing constraints;(3)The reduction of financing constraints improves the level of R&D investment;(4)Financing constraint plays a masking effect on the relationship between over-financialization and R&D investment.In other words,excessive financialization of enterprises can inhibit R&D directly or promote R&D to some extent by alleviating financing constraints,but the former has a greater inhibiting effect.In addition,this paper verified the reliability of the results by replacing the main variables,and put forward relevant suggestions for the research results.This paper,for the first time,incorporates over-financialization,financing constraints and R&D investment into a research framework,explores the impact of over-financialization on R&D investment,and introduces the variable of financing constraints to further analyze the possible intermediary path,enriching the research results among the three.It can provide reference for preventing enterprises from overinvesting in finance,providing R&D support and improving financial environment.