CEO Financial Experience And Corporate Innovation Investmen

In recent years,the scale of innovation investment in China has been continuously expanding,and the level of innovation investment among enterprises is uneven.The level of innovation investment in enterprises is usually influenced by management,especially the personal experience of CEOs.This article believes that CEOs with rich financial experience can grasp the overall direction of enterprise innovation investment,examine innovation investment opportunities with a more sharp perspective,and accurately judge the potential value of enterprise innovation investment,thus potentially making innovation investments more cautious.This article is based on relevant theories to analyze the impact and mechanism of CEO financial experience on corporate innovation investment,enriching the relevant research on CEO financial experience and corporate innovation investment,and providing a certain decision-making reference for the selection of CEO by the board of directors in practical fields.Due to the variability of the financial market,this article explores the impact mechanism of CEO financial experience on corporate innovation investment from the perspective of corporate financialization and discovers the underlying mechanism.On this basis,this article also compares the differences in the impact of CEO financial experience on enterprise innovation investment under different property rights.In order to verify the robustness of the research conclusions,a series of robustness tests were carried out,such as lag regression and changing the explained variables.Finally,relevant suggestions are proposed based on the conclusion of the article.This article takes A-share listed companies in Shanghai and Shenzhen from 2008 to 2021 as research samples to explore the internal mechanisms between CEO financial experience,corporate financialization,and corporate innovation investment.The final conclusion is as follows: Firstly,CEO financial experience will inhibit corporate innovation investment.Using the mesomeric effect test model,the results of mechanism analysis show that corporate financialization has a partial mediating effect between CEO financial experience and corporate innovation investment.In further research,it was found that state-owned enterprises weaken the impact of CEO financial experience on innovation investment.