Research On The Impact Of Financialization On R&D And Innovation Of Real Enterprises

The Party’s 20 National Congress called for the real economy to be an important support for China’s economic and social development,and the promotion of the real economy should be taken as an important task.At present,the world economy is unstable.In order to enhance the resilience of Chinese real enterprises,we need to carry out financial supply-side structural reform and promote the financial sector to better serve the real economy.At present,China’s financial industry fails to effectively serve the real economy.On the one hand,China’s real economy has a low rate of return on investment,while the financial industry has a high rate of return,which attracts a large number of real enterprises.On the other hand,Chinese companies are underinvesting in innovation projects that form long-term competitive advantages,resulting in high R&D input costs and long innovation output times.As a result,in order to obtain higher profits,real enterprises are keen to invest in financial assets,insufficient investment in research and development,less innovation output,lack of key core competitiveness,and neglect the long-term development of real enterprises,resulting in the status quo of Chinese real enterprises "from real to virtual".Therefore,it is of great significance to study the influence of financialization on the research and development innovation of entity enterprises,which provides the necessary micro-theoretical basis for accelerating the construction of innovation-oriented country.Based on this,this paper chooses Inspur software as a typical case to explore the relationship between corporate financialization and enterprise R&D and innovation behavior from the micro level.It mainly uses the precautionary savings theory and investment substitution theory.On the basis of the combination of theory and case,By analyzing the motivation,process and result of Inspur software financialization,the influence of financialization on Inspur software R&D input,innovation transformation ability and economic consequences of R&D innovation,the paper explores whether financialization has a "reservoir" effect on enterprise R&D innovation or a "crowding out effect" on enterprise industrial investment.And put forward reasonable suggestions on economic problems and enterprise development problems arising therefrom.This paper finds that the motivation of financialization can be divided into precautionary savings and speculative arbitrage.Driven by the motive of speculation and arbitrage,when the proportion of R&D investment in the operating income of real enterprises is decreasing and the scale of entrusted financing is increasing,the financialization of enterprises will occupy the R&D investment capital,resulting in the continuous reduction of the scale of R&D expenditure,which will inhibit the innovation output of enterprises and cause enterprises to miss the demand of the main industry R&D or the opportunity of transformation and development.When the industrial investment rate of enterprises is declining and the real investment is always lower than the financial investment,the financial investment will have the "crowding out effect" on the real investment.When enterprises ere motivated by preventive savings,moderate financialization can increase capital accumulation of enterprises,some financial instruments have the ability of stability and preservation.In the case of financial crisis,moderate financialization can enhance the ability of enterprises to resist financial risks,improve the efficiency of capital use,and help enterprises optimize the allocation of resources,prevent and defuse financial risks.Truly make financial services serve the entity.This paper innovatively takes R&D and innovation as the starting point of view to conduct in-depth discussion on the influencing factors of the financialization of entity enterprises.The method of case analysis is mainly adopted to analyze whether the motivation of the financialization of entity enterprises is based on savings prevention,speculation and arbitrage or other purposes,and based on the motivation of the financialization of enterprises.Further analyzing the influence of financialization of entity enterprises on R&D investment and innovation performance,analyzing the relationship between enterprise financialization and R&D innovation,enriching the influence study of R&D innovation and financialization,so as to better regulate the financial investment operation of entity enterprises,strengthen the governance of entity financialization at the source,and promote the healthy development of Chinese financial market.In order to better serve the real economy,financial core to promote the transformation of the real economy put forward opinions and references.