Study On The Financialization Of Chinese Enterprises Of Manufacturing Industry And Its Effects On Innovation Investment

As China's economy enters a structural transition period,the real economy generally faces the dilemma of falling operating profit,while the financial and real estate industries maintain a high rate of return on capital by virtue of policy advantages,driven by capital-driven motives.Financial listed companies use large amounts of money to allocate financial assets.On the theoretical level,because financial assets have the dual attributes of liquidity and investment,enterprises will allocate financial assets for different motives,which can be used to store liquidity for the production and operation activities of enterprises,and also as a chase income.Investment tools,so the allocation of financial assets may have positive and negative impacts on corporate R&D investment.On the one hand,enterprises can allocate financial assets of a certain scale to improve the short-term profitability of funds while maintaining high liquidity,promote the preservation and appreciation of assets,and effectively avoid the hedging and risk transfer functions of financial derivative assets.The various types of operational risks encountered in production and operation activities can also prevent liquidity crisis that may occur in future production and operation activities,guarantee the normal supply of corporate funds,and thus promote the continuous improvement of corporate value;but on the other hand,financial The high yield of assets will drive enterprises to allocate more funds for the allocation of financial assets for speculative arbitrage activities.In the case of a certain amount of corporate funds,it will inevitably have a crowding out effect on the investment in business assets.The imbalance of financial assets and operating assets has gradually become an important feature of the development of listed companies in China's non-financial industry.This raises two important questions:first,what are the influencing factors of the proportion of financial assets allocated by enterprises,and second,whether the impact of corporate financial asset allocation and financialization on R&D and innovation activities is promoted or suppressed.In order to solve the above problems,this paper uses the data of China's SSE A-share manufacturing listed companies in 2009-2016 and some macroeconomic data,using comparative analysis and econometric methods to analyze the status quo of financial assets allocation,factors affecting financial asset allocation and manufacturing.Further research has been conducted on the impact of corporate finance on R&D investment.The results show that the number of listed companies with financial assets is increasing year by year,reflecting that more and more listed companies in the manufacturing industry are beginning to carry out financial activities,and financial assets investment as an optional form of enterprise resource allocation;The relative risk degree of assets and the difference between the return rate of financial assets and operating assets are significantly positively correlated with the proportion of financial assets investment of enterprises.The mismatch of risk and return of financial assets is the main reason for the continuous increase of investment scale of financial assets;Enterprise R&D investment activities in the current and future periods of the enterprise.The innovations of this paper are as follows:(1)The existing literature mainly focuses on the motives and influencing factors of financialization of entity enterprises,but the economic consequences of financial asset allocation are less involved.This paper reveals the research and development of enterprise financialization on enterprise financial research.The impact of the activity.(2)Consider the risk degree of assets when analyzing the factors affecting the allocation of financial assets.