Research On The Impact Of Entity Enterprise Financialization On Innovation Development

Under the background of the rapid development of China’s financial industry and the continuous downturn of the development of the real economy,China’s real enterprises showed an obvious trend of financialization.Real enterprises are the foundation of our national economy.The impact of the financialization of real enterprises on innovation performance has been widely concerned by scholars,but no clear research understanding has been formed.Based on this,in order to better clarify the impact of enterprise financialization on innovation performance and its internal mechanism,this paper constructs a binomial measurement model and carries out empirical research.Firstly,this paper combs the existing research,grasps the connotation and causes of enterprise financialization,and understands the relationship between monetary policy,enterprise financialization and innovation performance.This paper analyzes the current situation of the financing and innovation development of China’s real enterprises from different dimensions,and preliminarily recognizes that there may be a negative correlation between the financing trend of real enterprises and the innovation development trend.Based on the precautionary savings motivation theory,financing constraint and priority financing theory,and principal-agent theory,this paper analyzes the relationship between the financialization of real enterprises and innovation performance,analyzes the regulatory role of monetary policy in the impact of the financialization of real enterprises on innovation performance,and puts forward the research hypothesis of this paper on this basis.The proportion of intangible assets is used to express the innovation performance of entity enterprises,which is the explanatory variable of this paper;The proportion of financial assets is used to express the financial level of entity enterprises,which is the explanatory variable of this paper;At the same time,the control variables are selected to construct the secondary term measurement model of the impact of entity enterprises’ financialization on innovation performance and the adjustment effect model of monetary policy.620 A-share listed enterprises in Shanghai and Shenzhen are selected to carry out empirical research.The results show that the impact of entity enterprise financialization on innovation performance presents an inverted U-shaped feature.The allocation of financial assets of entity enterprises is within a reasonable range,which can promote innovation performance.If entity enterprises allocate financial assets excessively,it will have a negative impact on innovation performance.At the same time,this paper recognizes that this impact has obvious heterogeneity,and the innovation performance of non-state-owned enterprises and enterprises in eastern China is more sensitive to the allocation of financial assets.Monetary policy plays a regulatory role in the process of the impact of the financialization of real enterprises on innovation performance,which is specifically reflected in that loose monetary policy will strengthen the inverted U-shaped relationship between the financialization of real enterprises and innovation performance,improve the tolerance of enterprise innovation performance to the degree of financialization,and improve the overall innovation performance of real enterprises.Finally,this paper puts forward suggestions on financial asset investment of entity enterprises from the national level and enterprise level.