| The growth of the substantial economy has always supported the rapid development of China’s economy,but with the rapid improvement of China’s social and economic level in recent years and the progress towards the new normal,China’s financial economy has gradually separated from the substantial economy,and gradually shifted from auxiliary status to main position.China’s economy has reflected a more significant phenomenon of transforming from substantial to fictitious and financialization.In addition,China is in the context of a dual circulation development pattern,in order to promote the transformation of China’s economy from epitaxial expansion to connotative development and promote high-quality economic development,as the first driving force leading economic and social development and the core issue of the overall strategic layout of modernization,the innovation development strategy is unstoppable.Therefore,with the economic financialization becoming more and more apparent,to enhance the promotion of innovation to the growth of the real economy,it is necessary to deepen the reform of the financial system and enhance the ability of finance to serve the real economy.Starting from the reservoir effect and the crowding effect,based on the theory of financial capital cycle,financial appropriateness and innovation,a preliminary theoretical and mechanism analysis and research propositions of how the degree of financialization of enterprises affects the innovation efficiency of enterprises are carried out.After analyzing the current situation of corporate financialization and innovation efficiency,the non-financial enterprises listed on A-share in Shanghai and Shenzhen from 2011 to 2020 were selected as the research samples for empirical research,and a fixed-effect model was constructed to analyze the impact of corporate financialization on innovation efficiency.On this basis,it is further analyzed to test the moderating effect of digital inclusive finance on the impact of corporate financialization on innovation efficiency,the transmission path of innovation efficiency affected by enterprise financialization,and the heterogeneous role of enterprise ownership nature,size and equity concentration on the impact of corporate financialization on innovation efficiency.The results found that there is a significant "inverted U-shaped" relationship between corporate financialization and innovation efficiency,that is,when financialization is appropriate,the improvement of the financialization can promote the improvement of innovation efficiency,and after crossing the inflection point,the improvement of corporate financialization will reduce the efficiency of innovation;at the same time,the development of digital inclusive finance can weaken the impact of corporate financialization on innovation efficiency and expand the scope of appropriate financialization;when financialization is appropriate,the corporate financialization mainly improves the innovation efficiency of enterprises by alleviating financing constraints and saving funds.In the case of excessive financialization,the level of financialization of enterprises mainly inhibits the efficiency of enterprise innovation by increasing the dependence of enterprises on the profitability of financial channels to squeeze funds;for state-owned enterprises,small-scale enterprises and high-equity concentration enterprises,the scope of financialization playing a reservoir role is larger.According to the above conclusions,from the micro perspective of enterprises and the macro perspective of the country,targeted suggestions are put forward:advocate enterprises to pay attention to the appropriate financialization,grasp the level of financialization according to enterprises,suggest enterprises to play a positive role in digital inclusive finance,and suggest that relevant departments strengthen auxiliary supervision of the direction of digital inclusive finance. |
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