| In recent years,China’s economy has shown an obvious trend of financialization,which is mainly reflected in the fact that more and more real enterprises invest more and more funds in the field of finance and real estate,inevitably affecting the real economy.At present,under the impact of the complex and volatile international situation,the pressure on the development of physical enterprises is increasing.Physical enterprises are the core force of economic development.Improving the innovation ability of physical enterprises is of great significance to improving China’s industrial structure and economic transformation and upgrading.This paper first analyzes and combs the relevant literature on financialization,innovation performance and the impact of financialization on innovation performance.Then,based on the principal-agent theory,financing constraint theory and preventive savings theory,it puts forward the basic research assumptions of enterprise financialization and innovation performance,and considers the impact of financing constraints and government subsidies on the relationship between the two.Thirdly,this paper selects the data of non-financial listed companies in the Shanghai and Shenzhen A-share markets from2009 to 2020,constructs a multiple regression model for empirical research,and conducts a heterogeneity analysis based on different industries,different property attributes,and different enterprise sizes,to explore the mechanism of its impact on innovation performance.According to the empirical results,the following conclusions can be drawn:(1)The level of entity enterprises’ financialization has a significant negative correlation with innovation performance.That is,the higher the degree of enterprise financialization,the lower the level of innovation performance.(2)The regression results are consistent with the basic regression results,so the model is robust.(3)In the process of studying the heterogeneity of the impact of financialization on innovation performance,enterprises are grouped according to different industries,different property rights and different scales.The results show that,compared with non-manufacturing enterprises,the financialization of manufacturing enterprises has a greater inhibitory effect on innovation performance;Compared with non-state-owned enterprises have a greater negative impact;The conclusion of the inhibition effect of the financialization of enterprises of different scales on innovation performance remains unchanged,but the negative effect of the financialization of enterprises of large scales on innovation performance is significantly stronger than that of small and medium-sized enterprises.(4)Financing constraints and government subsidies as adjusting variables have an impact on the relationship between enterprise financialization and innovation performance.The smaller the financing constraints faced by enterprises can alleviate the negative impact of financialization on innovation performance to a certain extent.On the other hand,from the perspective of government subsidies,the more government subsidies enterprises receive,the more they can reduce the inhibition effect of enterprise financialization on innovation performance,which is conducive to promoting the development of the real economy.Finally,according to the research conclusion and the current economic development situation,the paper puts forward relevant suggestions to the government and enterprises.Innovation plays an important role in improving the quality of economic development.Innovation is also a powerful engine and measure for the sustainable development of the main business of the entity enterprise.This paper points out the problem of "turning from reality to emptiness" in economic development,and puts forward countermeasures and suggestions for the government and enterprises.It has important practical significance to guide the return of funds to the real economy and explore the construction of an innovative society. |
PDF Full Text Request