Research On The Relationship Between Real Enterprise Financialization And Innovation Performance

Innovation is an important strategy to enhance the core competitiveness of the country and enterprises.With the prosperity of the financial industry,entity enterprises as a main part of innovation,the process of financialization is also accelerating.The financialization behavior of entity enterprises that allocating financial assets and benefiting from financial channels may affect the development of long-term projects that require financial support such as innovation.Among the many players in corporate governance,institutional investors often have a significant impact on investment activities.Based on this,this paper studies the relationship between the financialization and innovation performance of entity enterprises,the regulatory role of institutional investors and classify the impact of the industry and property rights of the company on the relationship between the financialization and innovation,order to provide reference for how to improve the innovation performance of enterprises in the current financial situation.This article takes the 2009-2017 A-share non-financial industry listed company as a sample,the relationship mechanism between financialization and innovation performance of entity enterprises is discussed,the regulatory role of institutional investors' heterogeneity is analyzed,and the heterogeneous impact of industry and property rights on the relationship between financialization and innovation performance is empirical tested.Research shows that the financialization of entity enterprises has a negative relationship with innovation performance.Heterogeneous institutional investors have different effects on the relationship between financial and innovation performance of entities.Specifically,pressure-resisting institutional investors have weakened the negative correlation between financial assets and innovation performance,financial returns and innovation performance.Pressure-sensitive institutional investors have aggravated the negative relationship between financial returns and innovation performance.In the study of the heterogeneous role of financialization and innovation performance of entity enterprises,compared with the total sample and manufacturing industry,the degree of financialization of high-tech enterprises has a strong inhibitory effect on innovation performance.Non-state-owned enterprises have a stronger negative relationship between holding financial assets and innovation performance than state-owned enterprises.State-owned enterprises have a stronger negative relationship between financial channel income and innovation performance than non-state-owned.The research on the relationship between financialization and innovation performance of entity enterprises expands the interpretation boundary of the theory of corporate governance,enriches the research perspective and research conclusions of financialization,and provides practical reference value for how to improve innovation performance in the status quo of financialization process.