Analysis On The Influence Of Semiconductor Enterprise Financialization On Enterprise Innovation Performance

In the general environment of global economic downturn,the development of China needs to find a new economic growth point.Combined with the background of the Sino-US trade war,the import of high-end semiconductor products is the focus of the trade embargo.Making and nationalizing high-end semiconductor products is an urgent historical mission of Chinese semiconductor industry.At the same time,the report to the 20th National Congress of the Communist Party of China proposed that we should adhere to the purpose of financial services serving the real economy and improve the matching between financial supply and the real economy.But in fact,in addition to providing relevant support to real enterprises,the booming financial sector has also brought many drawbacks,among which the most prominent problem is that the economy has "turned from real to virtual".The economic "real to virtual" in the micro field,it is manifested in many non-financial enterprises,spend a lot of assets to buy and allocate risky financial assets,this situation is also common in the semiconductor industry.Based on this,this paper collects and collates relevant literatures of domestic and foreign scholars on corporate financialization and corporate innovation performance.Secondly,through the collection of information and data,summarized in recent years,domestic and foreign semiconductor industry development and financialization status;Then,on this basis,sample data were collected,and after considering the listed years of enterprises and excluding ST enterprises,quarterly financial data of 27 A-share semiconductor listed companies from 2017 to 2022 were adopted as sample data,and fixed effect model was selected for regression analysis of sample data.After that,business conditions were added as a moderating variable,and the data were further regression,robustness test and heterogeneity analysis were carried out.Finally,the paper concludes that the financialization of semiconductor enterprises obviously inhibits the improvement of innovation performance.At the same time,healthy cash flow can mitigate this negative impact.