Enterprise Financialization,Innovation Input And Enterprise Owners Performance

The 2017 National Financial Work Conference stated that "finance should take serving the real economy as its starting point and foothold,comprehensively improve service efficiency and level,and allocate more financial resources to key areas and weak links in economic and Social Development",with the continuous deepening of financialization,the phenomenon of "hollowing out" of the main business of non-financial enterprises in the micro level and "losing reality to emptiness" in the macro level has come into being,and the economic center of gravity has shifted,resulting in the low development status of national industry,this phenomenon has attracted the attention of the state.Therefore,it is very important to study whether the effect of financialization on enterprise's main business is "substitution effect" or "crowding out effect".Based on the theories of saving prevention motivation theory,priority financing theory,principal-agent theory,financial constraint and financial deepening theory,this paper selects the data of listed a shares in 2008-2018 as samples and uses multiple regression analysis method,this paper studies the impact of corporate financialization on corporate performance,and innovation input as a part of the intermediary to influence.The results show that there is a significant negative correlation between enterprise financialization and enterprise owner's performance,and the degree of financialization is increasing with the decline of the real manufacturing industry and the increase of the financial industry's rate of return,the capital of enterprise innovation investment is crowded out,the main business is deviated from,the entity development situation is further deteriorated,the enterprise enters the financial field again,appears "vicious circle".Innovation input is the foundation of Enterprise Development,is the key factor to improve the performance of the enterprise's main business,the enterprise's financial extrusion of innovation input is to reduce the fundamental driving force of Enterprise Development,therefore,innovation input is part of the intermediary factor between the financialization of enterprises and the performance of enterprises' main businesses.The deepening of the degree of enterprise's financial melting has weakened innovation input in terms of capital and motivation,reduced enterprises' innovation input,and the main business has lost its vitality,decline in business owners' performance.The conclusion of this paper is the extension of the research on the impact offinancialization on innovation input,which can provide reference for the follow-up researchers.Based on the research conclusion,the paper puts forward that the government should strengthen financial supervision,broaden the financing channels of enterprises,reduce taxes and fees,encourage enterprises to innovate,promote the transformation of manufacturing enterprises and develop enterprises;enterprises should control the degree of financialization and strengthen internal governance,reduce Agency conflict,increase investment in innovation,make a long-term strategy,truly achieve the essence of finance is service industry.