Enterprise Financialization And Enterprise Technology Innovation

In recent years,the problem of economic virtualization in my country has become increasingly prominent.On the one hand,due to the increasingly saturated demand in the commodity market,the benefits brought by the original traditional business of entity enterprises have been significantly reduced,and the sustainable development of enterprises is facing enormous pressure.On the other hand,the continuous expansion of the financial industry and the high yields of the financial market attract more and more funds from real economy.The allocation of financial assets by an enterprise can bring relatively objective benefits to the enterprise.However,for a real enterprise,deep cultivation of the main business is the foundation of its sustainable development,and innovation can enhance its core competitiveness.In order to further explore the impact of enterprise financialization on innovation and guide funds to return to the real economy,this paper conducts research on the following aspects: First,this paper organizes the literature related to the definition,measurement methods and influencing factors of enterprise financialization and innovation.Second,based on the theory of precautionary savings,the theory of priority financing,and the theory of financing constraints,this paper analyzes the mechanism of the impact of enterprise financialization on its innovation,and puts forward research hypotheses.This article takes the remaining companies in my country’s stock market from 2009 to 2020 except the financial industry and the real estate industry as the research object.First,this paper explores the impact of enterprise financialization on innovation.Second,this paper uses the SA index to measure the degree of financing constraints faced by enterprises,and explores whether financing constraints are an intermediary variable that affects enterprise financialization on innovation.Finally,the heterogeneity analysis is carried out considering the nature of property rights,technology dependence and different regions.This paper draws the following conclusions through empirical analysis:(1)There is a negative correlation between enterprise financialization and enterprise innovation.Enterprise financialization will inhibit enterprise innovation,and enterprise will invest more in financial assets out of market arbitrage motives.(2)The financialization behavior of enterprises investing in financial assets has inhibited the innovation of enterprises by strengthening the financing constraints faced by enterprises.(3)Whether it is a state-owned enterprise or a non-state-owned enterprise,the financialization of enterprises will have a significant inhibitory effect on the innovation of enterprises,but this inhibitory effect is stronger in state-owned enterprises.In detail,in non-state-owned enterprises,enterprise financialization still squeezes out innovation investment by strengthening financing constraints,but in state-owned enterprises,the transmission mechanism of enterprise financialization’s impact on innovation is not financing constraints.Secondly,whether it is a technology-dependent enterprise or a non-technology-dependent enterprise,the financialization of the enterprise has an inhibitory effect on the innovation of the enterprise,but there is a certain difference in the impact of the behavior of the two groups of enterprises in the allocation of financial assets on the innovation of the enterprise.Finally,in the eastern region with a higher degree of marketization and fiercer market competition,enterprise financialization will have a significant crowding-out effect on enterprise innovation,while in the central and western regions,the allocation of financial assets by enterprises does not crowd out investment in innovation.