Financial Development,Marketization Level And Manufacturing Innovation Input-An Empirical Analysis Based On Moderating Effect And Threshold Effect

In the context of the national innovation strategy and high-quality development,innovation has become an important tool to address the lack of economic growth,enhance the productive capacity of society and guarantee the country’s stable economic growth.Continuous innovation activities are the key path to cope with the "unprecedented changes of the century" and to promote a new economic pattern of dual domestic and international cycles,with innovation capacity and innovation application levels being highly valued as core national competitive capabilities.Among many industries,the manufacturing industry directly reflects the productivity level of a country,is the most important subject to promote scientific and technological innovation,has a strong radiation and driving effect,and has a strong practical significance for the country to stabilise employment and maintain growth,the competition of national innovation capacity is ultimately implemented in the competition of manufacturing innovation capacity.A well-developed financial system can effectively mobilise savings,allocate resources and diversify risks,and can significantly stimulate enterprises to carry out innovative activities.In previous studies,more scholars have explored the impact on enterprise innovation from the internal perspective of enterprises,and the research findings have not yet reached a consensus.Fewer studies have explored enterprise innovation from the external perspective of financial development,and even fewer studies have used manufacturing enterprises as research samples to explore financial development and innovation input in manufacturing in depth,which provides a good opportunity for the research in this paper.The chain of innovation in manufacturing enterprises can be roughly divided into innovation input-innovation output(patent level)-new product sales(technology market turnover),and it can be seen from this chain that the root of innovation lies in innovation input,and the level of innovation input is directly related to the effect of the whole innovation chain,and enhancing the level of innovation input is of great practical significance to the overall improvement of the independent and controllable ability of the innovation chain.It is of great practical significance to enhance the level of innovation input to improve the overall autonomous control of the innovation chain.Based on this,this study takes financial development as the starting point and takes manufacturing enterprises as the research object,based on signalling theory and economic growth theory,to investigate the effect,mechanism and non-linear mechanism of its influence on innovation input of manufacturing enterprises while analysing the level of financial development in China.The results of the study show that.(1)On the whole,the level of financial development in China shows a good upward trend and has a good upward momentum.The kernel density estimation finds that there are still large differences in financial levels between provinces in China,but such differences show a decreasing trend.The analysis of regional differences found that the level of financial development in China is characterised by imbalance,with the eastern region in the leading position and the northeastern region having the momentum to catch up,but the financial level in the central and western regions is more backward.(2)Financial development and innovation investment in the manufacturing industry show a certain positive correlation,when the regional financial level is higher,the manufacturing enterprises are more motivated to carry out innovation activities.In regional heterogeneity,financial development can increase the innovation investment in manufacturing in the eastern and central-western regions,but the innovation effect of financial development in the central-western region is significantly higher than that in the eastern region.Among the heterogeneity of firm nature,financial development can increase the investment in manufacturing innovation of both state-owned and non-state-owned enterprises,but the innovation effect of financial development of non-state-owned enterprises is significantly higher than that of state-owned enterprises.(3)The level of marketization can also influence the level of innovation investment of manufacturing enterprises.A good marketization environment can increase the funds used by manufacturing enterprises for innovation investment;the intensity of innovation investment of manufacturing enterprises will increase in regions with higher financial environment and marketization level,and the level of marketization can positively adjust the influence effect of financial development and innovation investment of manufacturing enterprises.(4)In the threshold variable of financial development itself,after 1,000 times of self-help sampling,there is a single threshold effect between financial development and innovation input of manufacturing industry,and the results show that financial development can promote manufacturing industry to carry out innovation activities,but there is a decreasing trend of this effect;in the threshold variable of marketization level,as the marketization level increases,the influence effect of financial development on innovation input of manufacturing industry In the threshold variable of marketisation level,the effect of financial development on manufacturing innovation input increases with the increase of marketisation level,and a good level of marketisation can mitigate the negative effect of excessive financial development,which can once again verify the moderating effect of marketisation level.