| After the Sino-U.S.trade war,the profits of China’s real economy dropped sharply.Coupled with the influence of external risk factors such as the COVID-19 epidemic,real enterprises had difficulties in operating,while the profits of virtual economy were higher than those of real economy.So enterprises have invested their money in financial,real estate and other virtual economic fields.Financial investment may bring some benefits to enterprises,but it may also bring risks to enterprises or make them ignore physical investment and R&D innovation,which is not conducive to the further development of enterprises.Taking all A-share listed companies in China from 2010 to 2020 as samples,this paper empirically studies the relationship between corporate financialization and innovation investment in China,considering the current period and the lag period.At the same time,by adding media supervision,this paper empirically analyzes the regulatory role of media supervision in the relationship between enterprise financialization and enterprise innovation investment.It also analyzes the differences in the influence of enterprise financialization on enterprise innovation investment and the different effects of media supervision under different enterprise characteristics.Furthermore,it analyzes the intermediary role of financial risk in enterprise financialization and enterprise innovation investment.Through the empirical study,the paper draws the following main conclusions: 1.There is a negative relationship between enterprise financialization and enterprise innovation investment.The deeper enterprise financialization is,the less enterprise innovation investment is.Judging from the term structure of financial asset allocation,short-term financial assets have no significant crowding-out effect on enterprise innovation investment,while long-term financial assets have significant crowding-out effect on enterprise innovation investment.2.Media supervision can regulate the relationship between enterprise financialization and enterprise innovation investment,and weaken the inhibition of enterprise financialization on innovation investment.3.Through heterogeneity analysis,it is found that the negative impact of corporate financialization on innovation investment is more serious in state-owned enterprises,no matter whether it is in the current period or in the lagging period,but there is no significant difference in the negative impact on innovation investment between high and low financing constraints and manufacturing and non-manufacturing enterprises.4.In the current period,media supervision plays a positive regulatory role in non-state-owned,low financing constraints and non-manufacturing enterprises.In the lag period,media supervision plays a significant positive regulatory role in non-state-owned,high and low financing constraints,manufacturing and non-manufacturing industries.5.Financial risk plays a partial intermediary role in the impact of enterprise financialization on enterprise innovation investment.Enterprise financialization increases enterprise financial risk and thus inhibits enterprise innovation investment.In this paper,media supervision is brought into the research of the impact of entity enterprise financialization on enterprise innovation investment,and from the perspective of media supervision,it is examined whether strong external supervision can enhance the positive impact of enterprise financialization on enterprise innovation investment or inhibit the negative impact of enterprise financialization on enterprise innovation investment.At the same time,this paper examines the influence of enterprise’s own characteristics on the relationship between enterprise’s financialization and enterprise’s innovation investment,as well as the differences in media supervision and regulation.In addition,this paper studies the intermediary mechanism of the impact of enterprise financialization on enterprise innovation investment from the perspective of risk.The innovations of this paper are as follows: 1.It studies the moderating role of media supervision in the relationship between the financialization of entity enterprises and the investment in enterprise innovation.2.The relationship between enterprise financialization and enterprise innovation investment is analyzed under the heterogeneity of property rights,the heterogeneity of financing constraints and the heterogeneity of industries.At the same time,the role of media supervision in these different situations is also analyzed.3.This paper further investigates the intermediary role of financial risk between enterprise financialization and enterprise innovation investment,enriching the existing research. |
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