Research On The Influence Of Enterprise Financialization On Technological Innovation Ability

It is clearly pointed out in the report of the 19 th CPC National Congress that the real economy is the foundation of economic development and innovation leads to the transformation and upgrading of the real economy.However,in recent years,with the deepening of the degree of economic financialization in China,industrial capital has emerged from the traditional production capital cycle.The phenomenon of entering the financial capital cycle engulfs funds in some fields with the properties of financial products,which results in a large number of ordinary commodity prices being separated from the supply and demand factors at the entity level.The emergence and development of enterprise financialization brings a lot of uncertain factors to the development of real economy,and as the main body of innovation,entity enterprise is easy to appear the phenomenon of de-materialization to virtual.Therefore,it is of great practical significance to study the influence of enterprise financialization on technological innovation from the micro-level.This paper takes listed companies as research samples and selects the observation period from 2007 to 2017.First of all,the random frontier method is used to measure and analyze the technological innovation ability of enterprises.The degree and changes of enterprise financialization and the characteristic facts between financialization and technological innovation are analyzed by using descriptive statistical analysis method.Secondly,the non-equilibrium panel model is used to test the influence of enterprise financialization on technological innovation ability,and the panel quantile model is further used to explore the possible nonlinear relationship between enterprise financialization and technological innovation,and to measure the inflection point.On this basise,according to the characteristics of different enterprises,this paper analyzes the heterogeneity of the influence of enterprise financialization on technological innovation ability.Thirdly,the intermediary effect test model is used to test the intermediary effect of R&D investment and corporate governance on the ability of technological innovation.Finally,the regulatory effects of financing constraints and arbitrage motivation on the technological innovation ability of enterprises are tested by using the adjustment effect model.Based on empirical results,this paper draws the following conclusions:(1)From the perspective of statistical analysis,70% of sample enterprises allocate financial assets to different degrees,and the scale of financial assets and financial investment returns of enterprises increases year by year.Among them,the growth rate of financial assets in the narrow sense was significantly affected by the prosperity of domestic financial markets,with a floating range of-25% and 70%,and the technological innovation efficiency of listed companies increased slightly and steadily.And there is a lag between the financialization of enterprises and the trend of technological innovation.(2)Through the non-equilibrium panel regression,it is found that the non-monetary financial asset rate(narrow-sense financial asset rate)of the enterprise inhibits the improvement of technological innovation ability,and the relationship between the two is mutual substitution;On the other hand,the currency-based financial asset rate plays a role in the reservoir effect of technological innovation,and the relationship between them is complementary.(3)Through the panel quantile regression model test,it is found that there is a U-type nonlinear relationship between the narrow financial asset rate and technological innovation ability of enterprises.For the sample enterprises whose financial assets yield is less than 27.85%,the financial behavior shows the crowding-out effect on the technological innovation ability,while the financial behavior of the sample enterprises more than 27.85% plays an important role in promoting the technological innovation ability.(4)Through the heterogeneity analysis of the influence of enterprise financialization on technological innovation ability under the characteristics of enterprises,it is found that the positive effect of financial assets rate on technological innovation ability of enterprises with higher profitability is more significant.The financial asset rate of enterprises with higher asset-liability ratio has more significant inhibitory effect on technological innovation ability.The negative effect of financial assets rate on technological innovation ability of enterprises with strong financing constraints is significant.Because of the complicated principal-agent chain,there is a significant substitution relationship between the broad financial asset rate and technological innovation in state-owned enterprises.(5)Through the intermediary effect test,it is found that the direct effect of enterprise financial capital rate on technological innovation ability is significant,and the intermediary effect of R&D capital input is significant and the proportion is 39.18%.However,the investment of R&D capital under the financial investment income is a cover-up effect.In the corporate governance structure,the intermediary effect of executive compensation in the relationship between the broad financial asset rate and technological innovation efficiency is significant,accounting for 4.58%,and the intermediate effect of equity structure is significant but less than 1%.(6)Further research shows that the rate of return on financial investment has a time lag on R&D investment,and the return of financial investment has a reservoir effect on R&D capital investment in the future.(7)The action direction and intensity between the degree of enterprise financialization and technological innovation are influenced by enterprise financing constraint and arbitrage motivation.Financing constraint plays a significant role in regulating,but the adjustment effect of arbitrage motivation is weak.Finally,according to the conclusion of the analysis,this paper puts forward the relevant policy recommendations.Firstly,at the government level,we should guide enterprises to view the financialization behavior correctly,and bring the index of enterprise financialization into the supervision system.Secondly,at the enterprise level,improve the efficiency of technological innovation,improve internal governance,overcome profit-driven and short-sighted.Thirdly,Financial market level plays the role of resource allocation to effectively avoid and control financial risks.