Study On The Impact Of Manufacturing Financialization On Innovation Efficiency

In the past ten years,with the vigorous development of our country’s financial industry,a large amount of capital of manufacturing enterprises has flowed from fixed asset investment to the financial field,the proportion of their financial assets and the income from financial channels have continued to rise.This trend of manufacturing financialization has aroused great concern from all walks of life on whether our country’s economy has "deviated from the real to the virtual".Manufacturing is the basic pillar of our country’s economic development.Our country is in a critical period of promoting high-quality economic development.Under the background of manufacturing financialization,studying the impact of manufacturing financialization on the efficiency of technological innovation and its mechanism is of great significance for improving the core competitiveness of manufacturing enterprises and promoting industrial transformation and upgrading.In theory,corporate financialization will affect the innovation level of enterprises through three paths:the smoothing effect of financial assets on innovation investment,the effect of good reputation,and the reduction of transaction costs.Financing constraints and firm size play a partial mediating and moderating effect on the path of financialization affecting firm innovation efficiency,respectively.This thesis selects a-share listed manufacturing companies from 2012 to 2019 as samples,uses DEA non-parametric method to measure enterprise innovation efficiency,and establishes a fixed effect model to empirically test the impact of manufacturing financialization on enterprise innovation performance.Furthermore,the mediating effect model is introduced to explore the mediating effect of financing constraints on the relationship between financialization and innovation efficiency,and the moderating effect of enterprise size is analyzed by threshold effect model.Then,the research samples are grouped according to property rights and ownership concentration to explore the heterogeneity effect of financialization on firm innovation efficiency.Finally,the robustness of regression results is verified by instrumental variable method and key variable substitution method.The results show that:(1)The allocation of financial assets helps to improve the innovation efficiency of enterprises,indicating that the "reservoir" effect of financial assets allocation is more significant.(2)Financing constraints play a mediating role in the positive promoting effect of financialization on firm innovation efficiency.By holding financial assets,enterprises can reduce the degree of financing constraints,broaden rich financing channels and obtain a large amount of capital from the outside,thus ensuring the continuous investment in innovation activities and improving the innovation efficiency of enterprises.(3)Enterprise size plays a moderating role in the relationship between financialization of manufacturing and innovation efficiency of enterprises.For large-scale enterprises,the positive effect of corporate financialization on innovation efficiency is stronger.(4)Through heterogeneity analysis of different enterprises,it is found that asset financialization plays a more significant role in promoting innovation efficiency of large-scale and state-owned enterprises.Based on the above research results,relevant suggestions are put forward for the government and enterprises in order to further improve the innovation efficiency of manufacturing enterprises and promote the benign development of financial industry.(1)At the government level,we should alleviate financing constraints,strengthen financial market supervision,and increase support for innovation.(2)At the enterprise level,optimizing governance ownership structure,allocating enterprise assets appropriately,and improving the innovation level of enterprises.