An Empirical Study On Financialization And Innovation Output Of Enterprises

After the U.S.subprime mortgage crisis in 2008,the monetary policy of China made the economy recover and enter the overheating stage.Then,the economic growth was slowing down.At that time,the economy was lack of the power of sustainable growth,which caused the excess liquidity poured into financial markets.And microscopically,it manifested the increasingly obvious trend of financialization among non-financial enterprises.Under the circumstances,the 19^th national congress of the communist party of China（CPC）explicitly proposed to“deepen the reform of the financial system and enhance the ability of the financial sector to serve the real economy”.In addition,the congress stressed that“the innovation is the primary driving force for development”,aiming to find new growth points for the Chinese economy.Nowadays,under the background of financialization,whether government subsidies can effectively promote enterprise innovation has become an issue which is worthy of discussion and attention of the academia.This paper takes China’s A-share-listed non-financial enterprises as samples to empirically analyze the moderating effect of government subsidies on financialization.The research results show that the increase of government subsidies will strengthen the negative effect of financialization on enterprise R&D output.Therefore,under the background of deepening financialization of enterprises,government subsidies should be given to high-tech enterprises.While government subsidies to traditional enterprises should be more prudent and the tracking management of subsidy funds should be strengthened.In some degree,it certainly has enlightenment to the economic and fiscal policy of China.