| In the 1980s,with the globalization of the economy,the focus of economic activities began to gradually shift from the physical industry to the financial industry,and the stock of financial assets in the world gradually increased.In 2013,China's financial assets reached 355,000 billion yuan,which is 5.5 times the GDP of the year,and the ratio of financial value-added to GDP is 8,5%,above U.S.China's domestic economy gradually showed signs of financialization.With the prosperity of the financial industry,social financing scale has been increasing year by year,from 2,011.2 billion yuan in 2002 to 17,802.2 billion yuan in 2016,with a compound growth rate of 135.13%.Despite the high degree of capital liquidity,the investment of R&D has always been insufficient,and the ratio of R&D to GDP has always been below the target value of the government plan.By the end of 2016,it had only completed 2.11%.In the fourth quarter of 2017,of the newly increased loans in major financial institutions,real estate loans accounted for about 50%of new loans,and real estate loan balances were 32,200 billion yuan,while the balances of loans for agriculture,forestry,animal husbandry and fishery were only 3,900 billion yuan.The lack of funds for technology R&D has made it difficult for China's entire manufacturing industry to upgrade and renew its technology and insufficient of enterprise innovation ability.The foreign market is declining day by day,the domestic industrial structure is out of balance,and the human capital is insufficient.The profit of the whole manufacturing business is gradually decreasing,which leads to underinvestment in physical investment.Faced with high gross margin,sky-high housing price,the prosperity of the new technology creates the short term high capital return in the whole financial market.More and more manufacturing enterprises began to get involved in the financial market.Financial assets increased year by year,and the proportion of financial income increased.The share of financial profits of listed non-financial enterprises increased from 7.08%in 2008 to 26.94%in 2016.The index of innovation capability dropped from 52.79%in 2008 to 12.59%in 2016,and the long-term development of enterprise's innovation capability was insufficient,which aggravated the degree of "hollowing out" of the industry.Therefore,in view of the lack of long-term innovation capability of Chinese non-financial enterprises,this paper studies the influence of financialization on innovation in manufacturing industry,which helps to prevent excessive financial liberalization of Chinese non-financial enterprises,has a certain guiding significance in Chinese economy.At present,there are few studies on the influence of non-financial enterprises'financialization on enterprise innovation ability in China.Therefore,based on the global DEA model,this paper measures the total factor productivity of non-financial companies.And taking listed non-financial companies in manufacturing industry as the research object,this paper construct industry variables as control variables,uses fixed effect panel data model,and research the direct and indirect effects of the financialization on innovation,including the heterogeneity of enterprises,financing constraints,and monetary policy.In the first part,this paper introduces the idea of this paper in terms of background,research review and research method.The second part reviews the literature on financialization and enterprise innovation at home and abroad.The third part presents situation of macro and micro financialization in China.In the fourth part,this paper calculates the total factor productivity of non-financial enterprises and finds that there is no significant increase.We believe that financialization phenomenon may lead to low innovation capability of enterprises.Then this paper examines the effect of financialization on enterprises' innovation in A-share listed manufacturing non-financial companies from 2008 to 2016.The research shows financialization has a significant inhibitory effect on enterprise innovation in the manufacturing industry.After adding the cross terms of the firm heterogeneity and financialization,this paper finds that financialization inhibition effect on enterprise innovation in state-owned enterprises is more significant than in private enterprises.After adding the cross terms of the financing constraints and financialization,this paper finds that the partial effect of financing constraints is not significant,but in low financing constraint group,financing constraints has accelerated the inhibitory efifect of financialization on innovation,the financial asset does not play a role as the "reservoir",probably due to poor operating performance of enterprises,to improve the short-term performance,more investment in financial assets squeeze out the physical investment,which lead to R&D investment out of place.After adding the cross terms of the monetary policy and financialization,this paper finds that monetary policy on enterprise innovation ability influence is not significant,but the partial effect is significantly negative,that liquidity generated by monetry policy mainly flows to the financial market,restrain the innovation ability of the enterprise,resulting in transmission mechanism the interest rate is not smooth.Finally,this paper gives the conclusions and policy recommendations.The government should always adhere to the innovation-driven strategy,step up structural reform,increase intensity of the supply-side reforms,macroeconomic regulation and financial reform,and guide the Chinese economy off the virtual economy;enterprises should strengthen corporate governance and take into account both long-term interests and short-term interests,thereby preventing negative influence of excessive financialization on the innovation capability of enterprises. |
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