| In recent years,China ’s economy has experienced a certain degree of ’ off the real to the virtual ’ phenomenon.Some manufacturing enterprises have invested their industrial capital in the financial field with higher returns,which has led to an upward trend in the proportion of financial assets in China ’s economy.To a certain extent,there has been a phenomenon of financialization,which has a certain impact on the innovation ability of manufacturing enterprises.As the core component of the real economy,the manufacturing industry plays a ballast role in the healthy development of a country ’s economy.Although the overall scale of China ’s manufacturing industry has maintained a global leading position in the past few years,the problem of ’ big but not strong ’ is still very prominent.The main reason is that the independent innovation ability of China ’s manufacturing enterprises is still weak.The report of the 20 th National Congress of the Communist Party of China once again emphasized the importance of ’ innovation ’ to the high-quality development of China ’s economy.’ Innovation ’ is the first driving force for economic development and an important strategic support for promoting the continuous optimization of China ’s industrial structure and healthy economic development.Enterprises are the micro-foundation of high-quality economic development,and the sustainable growth of enterprises depends on continuous technological innovation.High-end talents are the key innovative resources.In recent years,the state and provinces have introduced a series of policies to attract foreign investment,and vigorously introduce high-level talents such as ’ thousand people plan ’ and ’ million people plan ’.Attracted by the national talent policy and the increasingly perfect market environment,the introduction of overseas talents in China is increasing.There is no lack of senior executives,and the CEO is the key to the company’s strategic choice,business decision-making and resource allocation.Based on this,from the perspective of corporate governance,this paper takes China ’s A-share listed manufacturing enterprises from 2009 to 2021 as a sample to empirically test the impact of financialization of manufacturing enterprises on technological innovation and the moderating effect of CEO overseas experience on the relationship between them.Finally,from how to prevent the financialization of manufacturing enterprises from inhibiting the technological innovation of enterprises,and how to improve the technological innovation of manufacturing enterprises to put forward corresponding policy recommendations.The results show that :(1)The speculative financialization of manufacturing enterprises will inhibit the technological innovation of enterprises,that is,the higher the degree of financialization of manufacturing enterprises,the weaker the ability of technological innovation.(2)CEO ’s overseas experience will promote the improvement of technological innovation ability of enterprises,that is,the manufacturing enterprises with CEO ’s overseas experience have stronger technological innovation ability;(3)CEO overseas experience will significantly negatively regulate the impact of financialization of manufacturing enterprises on technological innovation;(4)Compared with state-owned enterprises,the financialization of non-state-owned enterprises has a more significant inhibitory effect on technological innovation.(5)Compared with non-state-owned enterprises,the moderating effect of CEO overseas experience in state-owned enterprises is more obvious,that is,the ’crowding-out effect ’ of weakening the financialization of manufacturing enterprises on technological innovation is stronger.Based on the above research conclusions,this paper puts forward the following relevant policy recommendations : First,reasonably control financialization behaviors such as speculative motives,accelerate the improvement of the financial market system,and standardize corporate financial asset investment activities;second,formulate relevant policies to encourage enterprises to prevent financialization,eliminate credit discrimination,and promote the construction of multi-level capital markets;third,reasonably enhance the independent innovation ability of China ’s manufacturing enterprises,promote the reform of China ’s science and technology system,create a good institutional environment,improve the laws and regulations on the protection of intellectual property rights,strengthen the implementation of overseas high-level talent introduction policies,and stimulate overseas high-level talents to participate in the development of China ’s innovation.This paper tries to put forward constructive policy suggestions for creating an environment for enterprise technological innovation,building a platform for enterprise technological innovation,and stimulating the vitality of enterprise technological innovation from various angles,and tries to provide important theoretical and empirical basis for the Chinese government to strengthen the guidance of enterprise technological innovation and prevent excessive speculative financialization. |
