Research On The Impact Of The Financial Ability Of Physical Enterprises On Its Innovation Capabilities

Since the new era,my country’s financial markets have continuously improved and developed,and physical enterprises have more channels to enter the capital field.However,as companies’ investment in the financial market has continued to rise,the real economy has a clear tendency to "turn from real to virtual".The degree of deepening the degree has a certain impact on the goal of my country’s high-quality development.On the other hand,innovation is an important factor affecting the high-quality development of the economy.The financial melting of enterprises will have a certain impact on its innovation capabilities.As a national economic subject,it is of great significance to study its financial impact on innovation capabilities.This article is selected as a sample of A-share non-financial enterprises in the Shanghai and Shenzhen cities from 2009 to 2020.From the perspective of behavioral decision-making,use the proportion of financial asset allocation and research and development costs to measure the financial and innovative capabilities of the enterprise,and use the industry-time in both directions-time two-way The fixed effect model is to study the relationship between corporate finance and innovation capabilities,and then analyze heterogeneous analysis from the three levels of corporate ownership,industry,and financing constraint strength.Variables to study its regulatory role in the relationship between finance and innovation.The research conclusions of this article are: 1.There is a non-linear inverted "U" relationship between the finance of physical enterprises and corporate innovation capabilities.2.Compared with state-owned enterprises,the "U" curve of non-state-owned enterprises is more gentle,and state-owned enterprises have higher optimized financial levels.Third,compared with high-tech industry companies,the inverted "U" curve of non-high-tech enterprises is relatively gentle,and high-tech industry enterprises have higher optimized financial levels.4.Enterprises with higher financing constraints have a higher "U" curve,and companies with low financing constraints have a higher level of financial level.5.The improvement of corporate governance will make the inverted "U" curve smoother and reduce the optimal financial level of enterprises.The above conclusions have been tested by endogenous and stableness.According to the conclusion of this paper,some suggestions are put forward from the two levels of government and enterprise.Government departments should formulate and improve relevant policies to promote enterprises to achieve the optimal level of financialization,so that the financial market can better serve the real economy.Enterprises should also adjust their investment portfolios according to their own attributes,strive to achieve the optimal level of financialization,and provide more support for enterprise innovation and research and development activities.