| Since reform and opening-up,China’s financial industry,the rapid development of capital market level increasing,the system gradually perfect,under this background,the financial industry to obtain excess yields rising financial asset holdings excess return rate to obtain the financial sector and even become an important mode,corporate profits and the industrial investment intention is more and more depressed,entity enterprise funds "to take off the real to virtual" problem by the attention of the academia.Therefore,the report of the 19 th National Congress clearly stated: "Deepen the reform of the financial system and enhance the ability of the financial sector to serve the real economy." At the same time,countries are also aware that technological innovation is a decisive force in international competition,and have introduced relevant policies to dividend enterprise innovation research and development.Therefore,in the key stage of China’s economic structure optimization and transformation and upgrading,how to promote the correct allocation and use of financial assets of real enterprises,promote enterprise innovation to promote the rational development of the real economy,and help China’s high-tech enterprises to break through the suppression blockade of the United States has a strong practical significance.After sorting out relevant domestic and foreign literatures,this paper summarizes the progress and deficiencies of relevant research on enterprise financialization,and then based on the precautionary saving motivation,financing constraints and other relevant theories,the article put forward research hypothesis,selection of non-financial companies in Chinese a-share,2009-2019 years as time span,the bidirectional fixed effects model is used for related research.First of all,this paper focuses on the impact of financialization on enterprise innovation,and according to the different characteristics of financial assets,it distinguishes short-term financial assets from longterm financial assets,and discusses the heterogeneity of the impact of the two on enterprise innovation.Secondly,the interaction term between financing constraint and arbitrage motivation is used to verify the motivation of financialization.Then,considering the leading role of high-tech enterprises in innovation in China,this paper takes such enterprises as samples to study the heterogeneity of the above problems.Finally,the government subsidy,an important source of funding for enterprise innovation,is included in the research scope to verify the role it plays in the relationship between enterprise financialization and enterprise innovation.Through theoretical analysis and empirical test,this paper draws the following conclusions :(1)Corporate financialization negatively affects corporate innovation and produces crowding out effect.The crowding out effect of short-term financial assets on innovation is weaker than that of long-term financial assets.(2)Generally speaking,firms are more likely to purchase financial products for profit,and the greater the motivation,the more obvious the crowding out effect of financialization on innovation will be.(3)Compared with non-high-tech enterprises,the crowding-out effect of financialization of high-tech enterprises on enterprise innovation is weaker,and hightech enterprises allocate financial products more for the motivation of capital reserve to "escort" enterprise innovation.(4)Government subsidies can alleviate the financing constraints faced by enterprise innovation and effectively alleviate the negative inhibiting effect of enterprise financialization on enterprise innovation.Compared with non-high-tech enterprises,the mitigating effect of government subsidies on the crowding-out effect of innovation in high-tech enterprises is more obvious.Finally,based on the research results,this paper puts forward the following suggestions :(1)relax the entry barriers of the financial industry,narrow the profit gap between industries,and guide the inflow of capital to the real economy;(2)Improve and optimize the corporate governance mechanism,encourage enterprises to formulate reasonable compensation system and improve the rules and regulations of the board of directors based on the performance of the management;(3)Improve the construction of China’s financial market,make full use of the characteristics of strong liquidity and fast realization of financial assets,and give play to the "reservoir" effect of financial assets;(4)Formulate detailed measurement standards for enterprise financialization,and strictly supervise the share of financial assets held by enterprises and the structure of financial assets;(5)Develop differentiated financial supervision methods for hightech enterprises and non-high-tech enterprises;(6)Increase the encouragement and support system including government subsidies,create a good innovation investment atmosphere,and promote the enthusiasm of entity enterprises to increase R&D investment and carry out enterprise innovation. |
