A Study On The Impact Of Corporate Asset Financialization On R&D Investment

China's economic development has entered a new normal situation.In the increasingly complex and changeable environment,the main business development of the entity enterprises is facing the fierce market competition and greater uncertainty.At the same time,the development of financial market is prosperous,the enthusiasm of many non-financial enterprises in investing financial assets is increasing.And there is a trend of asset financialization,a large number of industrial capital flows from the operation sector to the financial sector.In November 10,2015,President Xi Jinping put forward the structural reform of supply-side,and pointed out that we should pay more attention to the development of the real economy.Meanwhile,innovation is the fundamental source of realizing the progress of science and technology and promoting the growth of the real economy,it's the core ability to improve the competitiveness of the enterprises.And R&D investment is the most important foundation for innovation activities.Therefore,based on the hot issue of non-financial corporate financialization,this paper selects A-share non-financial listed companies in China as the research object,and empirically examines the impact of corporate asset financialization on R&D investment.The results of the study are as follows: In general,corporate asset financialization has crowding out effect on R&D input.The increase of profitability will weaken the crowding out effect of corporate asset financialization on R&D investment,and the improvement of financing constraints will enhance the crowding out effect of corporate asset financialization on R&D investment.And compared with the high-tech enterprises,the financial crowding out effect of non high-tech enterprises on R&D investment is more obvious.Finally,the paper draws conclusions and puts forward some suggestions for the process of asset financialization in China.This study not only helps to understand the microeconomic consequences of the asset financialization,but also helps to clarify the relationship between asset financialization and R&D investment.It has a certain reference value for perfecting the investment structure of enterprises,enhancing corporate governance,preventing financial risks and promoting the coordinated development of financial investment and innovative investment.