Research On The Influence Of Financialization On The Innovation Ability Of Enterprises

At present,China has shifted from high-speed development to high-quality development,but at present,the innovation ability of Chinese enterprises is still difficult to fully meet the requirements of the overall high-quality development of economy.Based on this,this paper analyzes the problems existing in the innovation ability of Chinese enterprises,and puts forward corresponding countermeasures.The development of a country cannot be separated from its real economy,and the development of the real economy is closely related to the innovation ability of real enterprises.In recent years,China’s real economy has been faced with difficulties such as overcapacity,unreasonable overall industrial structure and low investment returns.However,the financial market has developed rapidly in recent years,and the return rate of financial investment far exceeds that of real investment,so many real enterprises choose to invest in financial assets.Such behavior has led to the phenomenon of "from real to virtual" in China’s economy.Therefore,this paper studies the impact of financialization on the innovation ability of enterprises,which is of great significance to promote the financial industry to serve the real economy,and then realize the high-quality development of China’s real economy.This paper uses the panel data of China’s A-share listed non-financial enterprises from2011 to 2021 to conduct an empirical analysis,and explores the impact of corporate financialization on corporate innovation capability from the two aspects of innovation input and innovation output.This paper also analyzes the heterogeneity of the impact of financialization behavior on the innovation ability of non-financial firms with different property rights,in different industries and facing different internal financing constraints.The main conclusions of this paper are as follows:(1)The financialization of non-financial enterprises has a significant inhibitory effect on the innovation capability of enterprises.The financial investment activities of enterprises squeeze out the funds for innovation investment,which leads to the decline of enterprise innovation output and ultimately the reduction of enterprise innovation ability.(2)The financialization behavior of state-owned enterprises has a significant inhibitory effect on the innovation output of enterprises,but the inhibitory effect of the financialization behavior on the innovation input is less than that of non-state-owned enterprises.(3)The financialization behavior of manufacturing enterprises has a significant inhibitory effect on innovation output.(4)Firms with high internal financing constraints have a significant negative impact on innovation input and output when they conduct financialization behavior.Finally,combined with the current situation of China’s economic development and the research conclusions of this paper,relevant suggestions are put forward from the perspectives of the government and enterprises.Government perspective:(1)The government should strengthen supervision and punishment on the financialization behavior of enterprises.(2)The government should further strengthen innovation support for enterprises and guide them to carry out innovation activities.(3)Further deepen the market-oriented reform of the financial industry and continue to improve the construction of China’s financial market.From the perspective of enterprises:(1)Enterprises should pay attention to the development of their main business,rather than simply chasing profits.(2)The assessment content of the management should be further refined,and the indicators of enterprise innovation should be included.(3)Set up a sound enterprise innovation management mode.