| In recent years,China's physical enterprises have continuously entered the real estate and financial industries,and the virtual economy has accelerated.China's real economy has experienced the phenomenon of “unreality and emptiness”.Whether at the macro or micro level,financialization is changing economic development.Based on the virtual reality of China's manufacturing enterprises' manufacturing economy,this paper studies the relationship between financialization,innovation investment and total factor productivity of Chinese manufacturing listed companies.This paper has certain reference significance for the government departments to adjust the financial consequences of enterprises at the micro level.This article has certain reference opinions on enterprise asset allocation.The theoretical analysis shows that according to the limited resources,the deepening of the financialization of listed manufacturing enterprises will lead to the deviation of investment activities from the real sector to the financial sector;according to the characteristics of Finance and real economy,the deepening of the financialization of listed manufacturing enterprises will lead to the increase of financial returns and the decrease of real profits;and according to the principal-agent theory and the maximization of shareholder value,the deepening of financialization of listed manufacturing enterprises also affects the investment decisions of executives.The above aspects all reduce the enthusiasm and proportion of innovation investment to a certain extent,making innovation investment reduced.On the one hand,the reduction of innovation investment will lead to the reduction of human capital investment,on the other hand,the reduction of R&D investment,which greatly reduces the probability of enterprise innovation success,and further inhibits the development of enterprise total factor productivity.Based on the above analysis,this paper puts forward the following hypothesis: innovation investment is the intermediary variable of enterprise financialization and total factor productivity;the increase of the degree of financialization of listed manufacturing enterprises will squeeze out the innovation investment of enterprises,and then restrain the improvement of total factor productivity of enterprises.This article takes the data of Shanghai and Shenzhen listed companies from 2007 to 2017 as a sample.According to the principle of balance sheet,we choose to measure the degree of financialization of enterprises by the ratio of financial assets and total assets.It is worth noting that this paper does not include monetary funds in financial assets,while net investment in real estate is invested in financial assets,because business operations can also generate funds,and China's current real estate industry has the characteristics of virtual economy.In this paper,the OP method is used to measure the level of enterprise total factor productivity at the micro level,and the mediation effect model is constructed to explore the relationship between enterprise finance,innovation input and total factor productivity.The empirical results show that,in general,financialization inhibits the total factor productivity of enterprises.The development of the mediation effect model shows that the deepening of corporate financialization reduces innovation input,thus inhibiting the development of total factor productivity.Innovative investment is a partial intermediary of financialization and total factor productivity,with a mediating effect of 8.63%.It is worth noting that although the empirical results of this paper show that the overall financial repression of enterprise decomposition has a restraining effect on total factor productivity,it does not represent a complete negation of the allocation of financial assets.As the degree of financialization deepens,we need to focus on how to adapt to the development trend and how to make financialization promote the development of the real economy. |
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