Research On The Impact Of Financialization Of Manufacturing Enterprises On Technological Innovation

At present,the problem of unbalanced development between real economy and virtual economy in China is prominent.The high rate of return of virtual economy drives industrial capital to transfer from the field of production and circulation to the field of finance,and real enterprises show a trend of financialization.The development of the real economy has an important imp act on a country’s economic development.At the critical stage of economic transformation to high-quality development,as the core industry of the real economy,the manufacturing industry has a profound impact on the process of high-quality economic develo pment in China.Studying the relationship between the financialization behavior of manufacturing enterprises and technological innovation can not only provide a reference for effectively supervising the financialization behavior of micro-enterprises,but also is of great significance for curbing the macroeconomic "deviation from reality to virtuality" and promoting sustainable and stable economic development.Based on the theory of innovation,financing constraints,precautionary sav ings,principal-agent and other theories,this paper firstly analyzes the relationship between corporate financialization and technological innovation,and lays the foundation for the full text.Then,it makes a descriptive analysis of the actual situation of financialization and technological innovation of listed manufacturing enterprises in China.The current situation of financialization is analyzed from the two aspects of corporate financial asset holding and financial investment income.And the current situation of technological innovation is analyzed from the aspects of innovation input and innovation output.Empirically,this paper selects all A-share listed manufacturing companies from 2009 to 2020 as samples,and constructs unbalanced panel data for fixed-effect regression analysis.Firstly,it empirically tests the motivation of manufacturing enterprises’ financialization from the two dimensions of capital management and speculative arbitrage.Then it carries out the regression analysis of the possible inverted U-shaped relationship between financialization and technological innovation,and explores the specific impact mechanism.Besides,it also tests the moderating effect of the industry competition environment on the relationship between financialization and technological innovation.The research finds: First,the financialization of manufacturing enterprises is motivated by speculative arbitrage,not for the management of funds.Second,there is an inverted U-shaped relationship between the financ ialization of manufacturing enterprises and technological innovation.Relatively moderate financial asset allocation can play a "reservoir effect" and promote the increase of innovation investment,while excessive financial asset allocation play s a "crowding out" effect and inhibits innovation investment,which is not conducive to the improvement of enterprises’ technological innovation capabilities.Third,there are heterogeneity in the impact of financialization of manufacturing enterprises on technologic al innovation.Compared with state-owned and low-tech enterprises,non-state-owned and high-tech enterprises can accept a higher degree of financialization,and their financialization behavior has a greater marginal impact on technological innovation.Four th,liquidity supply and financial risk play an intermediary role in the relationship between financialization and technological innovation of manufacturing enterprises,and the transmission channel of "enterprise financialization-liquidity supply/financial risktechnological innovation" is effective.Fifth,market competition has a moderating effect on the relationship between the financialization of manufacturing enterprises and technological innovation,and the moderating effect of different degrees of enterprise financialization is asymmetric.The relevant research conclusions are conducive to an objective view of the financialization behavior of enterprises,and provide an important theoretical basis and reference for improving the technological innovation capabilities of manufacturing enterprises and formulating differentiated regulatory policies for financialization.