Research On The Impact Of My Country's Corporate Financialization On Technological Innovation

With the rapid development of modern industry,financialization is developing rapidly all over the world and has exerted various influences on the development of social economy.Financialization is not a pure economic phenomenon,but a true and objective reflection of the transformation of capital and income ownership.Financialization can exert a positive effect on the economy through a series of ways and channels,and at the same time make capital accumulation disjointed from the real economy,thus inhibiting the development of the real economy,further exposing the defects of financialization and seriously hindering the development of the real economy.Looked from the reality,our country economic growth from high quality development stage of rapid growth stage,development mode,optimize the economic structure,transform research period of growth dynamics,grasp the real economy,science and technology innovation,modern finance,human resources four aspects interaction,is the premise to realize the coordinated development of the modern industry system.However,as the return on investment of the real economy is lower than the average social profit level,while the return on investment of the financial industry is relatively high,which leads to the fact that real enterprises are keen to participate in the financial sector in order to obtain high profits,resulting in the emergence of the phenomenon of "de-substantiation of the real economy" and the acceleration of enterprise financialization.The excessive virtualization of real economy is not conducive to the construction of modern industrial system and the realization of innovation-driven economy in China.However,the technological innovation level of China's real enterprises is still at a low level,and there is a big gap between"key core technology"and developed countries.Based on this,this paper focuses on the study of the influence of enterprise financialization on enterprise technological innovation,and takes listed companies in strategic emerging industries as research samples.Firstly,this paper summarizes the domestic and foreign literature and the theoretical basis of the paper around financialization and technological innovation.Secondly,the influence path of financialization on technological innovation is illustrated through the analysis of its action mechanism.On the one hand,the action mechanism of financialization in promoting technological innovation is expounded from three aspects of reducing the degree of information asymmetry,reducing transaction costs and alleviating financing constraints.On the other hand,according to the three aspects of the enterprise financialization to the capital operation mode,the change of corporate governance structure and the regulatory effect of market arbitrage on financialization and technological innovation,the paper analyzes the mechanism of the enterprise financialization restraining technological innovation,and puts forward the research hypothesis of this paper.In addition,the paper analyzes the characteristics of financialization of China's strategic emerging industries and the current situation of technological innovation level.Through quantitative description,it indicates that China's current strategic emerging industries have problems such as slowing growth rate,increasing financialization trend and insufficient technological innovation level.On this basis,the selection of 2012-2017 Shanghai and shenzhen A shares listed on the strategic emerging enterprises as the research object,builds an empirical model,using the method of fixed effects on all samples and niche business back,at the same time in the model to join the interactive study arbitrage motivation of enterprises financialization influence on technology innovation,and A number of robustness based on the reliability of the results of inspection.Through the above research,the following conclusions are drawn:first,the financialization of strategic emerging enterprises inhibits the technological innovation of enterprises;Second,the capital of enterprise technological innovation comes from internal financing,and the expansion of enterprise scale is not conducive to the improvement of technological innovation ability.Third,private enterprises magnify the negative impact of financialization on technological innovation.Fourth,the enhancement of corporate profitability enhances the investment in technological innovation;Fifth,the stronger the enterprise arbitrage motivation is,the lower the level of technological innovation will be.Under the arbitrage motivation,the inhibitive effect of financialization on technological innovation will be strengthened.In the last part,policy Suggestions are proposed based on the conclusions.The government should carry out financial reform,strictly control financial speculation,improve the layout of innovation platforms,and stimulate the vitality of independent innovation of enterprises.