The Influence Of Excessive Financialization Of Real Enterprises On R&D Investment

At present,China’s economic development is facing a critical period of transition,and its economic size has jumped to the second place in the world,but some advanced and sophisticated industries are still facing the "neck" problem.As the key subject of the rapid and stable development of socialist market economy,enterprises should vigorously cultivate the sense of innovation,drive industrial upgrading and transformation through innovation-driven development strategy,and better promote the sustainable development of enterprises.At the same time,China’s financial industry is booming,many corporate entities are pouring into the tide of the financial sector,lead to the entity enterprise financialization phenomenon more and more obvious,if the entity enterprise relying too much on capital operation,and large purchases of financial assets and dependent on capital gains financialization of behavior,may be from the enterprise research and development funds,lose enterprise core competitiveness,It is not conducive to the long-term development of enterprises.In corporate governance,ownership structure usually affects the investment decisions and development direction of enterprises.Therefore,this paper studies the influence of excessive financialization of entity enterprises on R&D investment,and considers the moderating effect of ownership structure.The specific research process is as follows:First of all,in this paper,the entity enterprise excessive financialization related definition,motivation,consequences and the influence factors of the enterprise R&D literature review,combed the principal-agent theory,the precautionary savings theory emphatically,and the theory of financing constraints related theoretical basis,combined with theoretical analysis of the entity enterprise excessive financialization affect the mechanism of action of corporate R&D input,After introducing ownership structure as a moderating variable on the basis of previous studies,the paper further analyzes the role of ownership structure in the relationship between excessive financialization of real enterprises and R&D investment.Then,based on the data of non-financial and nonreal estate listed companies in Shanghai and Shenzhen A-share markets from 2010 to 2020,A model is constructed to identify the excessive financialization of real enterprises.Then,the relationship between excessive financialization of real enterprises and R&D investment is analyzed and discussed.Then,ownership structure is introduced as a moderating variable.to discuss its regulating effect on the relationship between the two and the impact of different property rights.The robustness test is carried out from three aspects:processing effect model,replacing core variables and not removing missing values.The results show that the excessive financialization of entity enterprises has a restraining effect on R&D investment.Heterogeneity test shows that the crowding out effect of excessive financialization on R&D investment is more obvious in state-owned enterprises.Ownership concentration and ownership by institutional investors aggravate the negative effect of excessive financialization on R&D investment.The negative effect of excessive financialization on R&D investment is alleviated by the proportion of senior executives and the degree of equity balance.Finally,according to the research results,relevant policy suggestions are given from the enterprise level and the government level.Based on the micro perspective of enterprises,this paper studies the relationship between excessive financialization of entity enterprises and R&D investment through theoretical analysis and model construction,and then adjusts the role of ownership structure,which helps to make up for the research literature on excessive financialization of entity enterprises.To better promote the excessive financialization of entity enterprises to provide a certain decision-making reference for R&D investment.