Study On The Impact Of Financialization On The Technological Innovation Efficiency Of Listed Manufacturing Corporations

In recent years,the process of financialization of China's substantial economy is accelerated,the proportion of financial assets in total economic value is increasing,and the preference of managers of real enterprises to hold financial assets shows an increasing trend.What's more,the panic named "Transform the Economy from Substantial to Fictitious" spreads,and financial risk accumulates.At present,China is in the stage of economic transformation,and the supply-side structural reform is imminent.Implementing the strategy of innovation-driven development has become an irresistible trend.In the background of deepening economic financialization,it is necessary to promote financial industry serves for the substantial economy and enhance the innovation ability and motivation of manufacturing corporations in order to steadily promote the transformation of the driving force of economic development from factor-driven to innovation-driven.Theoretically,the influence of that on technological innovation of manufacturing corporations can be formed in three ways:the push-out effect of motivation of technological innovation of corporations' managers,the crowd-out effect of investment in technological innovation and the accumulation effect of technological innovation funds,and the final results should be determined by weighing the three effects.Among them,the improvement of financing constraint's degree and the effect of corporation's scale play a buffering role in the conduction chain that financialization degree deepens and affects the technological innovation of manufacturing corporations.In the part of empirical analysis,this thesis selected the data of 1028 listed manufacturing corporations from 2015 to 2018,and the data source is CSMAR database.Specifically,this thesis used the super-efficiency DEA method to comprehensively evaluate technological innovation efficiency level of listed manufacturing corporations,used the panel data model,threshold regression model to empirical test,and through replacing the explained variable,importing interaction variables,importing instrumental variables and testing the weak instrumental variable effect to confirm the robustness of the research results.The results are as follows:(1)Financialization of corporations inhibits the improvement of technological innovation efficiency of listed manufacturing enterprises as a whole.(2)For listed manufacturing corporations with strong financing constraints and small scales,corporations financialization has a more significant effect on decreasing their technological innovation efficiency.(3)In the process that financialization of corporations decrease the efficiency of technological innovation of manufacturing corporations,the arbitrage motivation of enterprise managers represented by financialization of profits dominates,which indicates that the increase of arbitrage motivation implied by the deepening of financialization of corporations has a major negative impact on technological innovation of manufacturing corporations.In view of the deepening financialization's degree of manufacturing corporations,corresponding countermeasures can be put forward to further improve the technological innovation efficiency of manufacturing corporations.(1)At the government level,it is necessary to exert the guiding function of the government,take timely measures to promote supply-side structural reform and stimulate the innovation vitality of manufacturing corporations.(2)At the financial system level,relevant departments need to improve various laws and regulations,continue to deepen the reform of the financial system,and promote the return of the financial industry to its roots.(3)At the corporation level,in order to alleviate the negative impact of financialization on the innovation of manufacturing corporations,manufacturing corporations should correctly understand the important value of innovation and actively improve their innovation capacity.