The Influence Of Enterprise Financialization Degree On Enterprise Innovation

Manufacturing enterprises are the foundation of our foundation and the strong pillar of the national economy.As China’s economy enters a new normal,the modernization of the real economy is accelerating further.Therefore,it is necessary to further deepen the reform of the enterprise system and establish a technological innovation system with enterprises as the main body,the market as the guide and the industry,university and research deeply integrated.In the past two years,influenced by the weak global economic growth,the escalating trade friction between China and the United States,the sudden COVID-19 outbreak and many other external factors,the trade environment of China’s manufacturing industry into the global value chain has undergone great changes.How to develop steadily under the new environment and new pattern has become a major task.At the same time,with the expansion of the financial industry in recent years,manufacturing enterprises are faced with numerous crises and difficulties.Due to the characteristics of high return on investment in the financial industry,more and more manufacturing enterprises are involved in the financial industry,allocating financial assets,and there is a development trend of "leaving real to virtual".Under the new normal of economy,the financialization of manufacturing enterprises has brought great uncertainty to the development of real economy.Therefore,based on micro perspective,this thesis studies the influence mechanism of enterprise financialization degree on enterprise innovation,which has important practical significance for promoting the realization of innovation-driven development strategy of economy.This thesis takes A-share manufacturing enterprises as an example to study the influence mechanism of the degree of financialization of manufacturing enterprises on enterprise innovation.First of all,the concepts of enterprise financialization,enterprise innovation and innovation capability are defined.On this basis,the relevant theories of enterprise financialization and enterprise innovation as well as relevant literatures of domestic and foreign scholars are reviewed and summarized.Secondly,descriptive statistical analysis is used to analyze the degree of financialization and innovation of A-share manufacturing enterprises,as well as the characteristic facts between financialization and enterprise innovation.At the same time,it deals with the endogeneity and robustness test of the degree of financialization and enterprise innovation of A-share manufacturing enterprises.Finally,the data of A-share manufacturing enterprises from 2010 to 2021 are selected to analyze the intermediary effect from the perspectives of financing constraint degree and resource crowding out effect,and the heterogeneity analysis is carried out.