Research On The Impact Of Enterprice Financial Asset Allocation On Technological Innovation

With the proposal of innovation-driven development strategy,innovation has become the primary driving force leading economic development.In the process of China’s transformation into a manufacturing power,the main focus must be on improving the ability of independent innovation.In recent years,R&D investment funds and the number of patent approvals in China have shown a rapid growth trend.However,from the perspective of patent structure,the number of approvals of highquality innovative invention patents in China is still relatively small,and the overall level of innovation is not high.The characteristics of long cycle,high risk and large capital demand restrict innovation investment.In contrast,the short cycle of financial products and fast returns make the profit margin of the financial and real estate industry continue to rise.Under the background of insufficient demand,overcapacity and continuous decline in the return on investment of the real economy,this imbalance in the development of industries leads to insufficient innovation power of real enterprises,asset allocation structure gradually tilted towards financial assets,too high financial asset allocation ratio is easy to make enterprises deviate from the main business,squeeze out innovation.However,in the process of sorting out the relevant literature,it is found that some scholars believe that the investment income from financial investment can ease financing constraints,promote enterprise technological innovation activities and ensure the sustainability of enterprise innovation.Therefore,this paper assumes that the impact of financial asset allocation on technological innovation of real enterprises is non-linear.Based on this,in order to further explore the impact of financial asset allocation of entity enterprises on technological innovation and promote finance to better serve the real economy,this paper analyzes the inverted U-shaped relationship between financial asset allocation and technological innovation of entity enterprises based on relevant theories and literature,using the samples of A-share listed companies in China from 2008 to 2021.The department excludes samples other than finance and real estate as the research objects,and tests the relationship between financial asset allocation and technological innovation of entity enterprises by constructing a two-way fixed effect model.Regression was carried out by financial asset type,and the impact of different types of financial assets on technological innovation was analyzed.Subsequently,the moderating effect analysis was carried out by adding property rights attributes of the enterprises and the variables at the mesomarket level,such as the degree of industry competition and the degree of marketization.Finally,this paper provides a robust test of the above empirical results,and the results also show that there is an inverted U-shaped relationship between allocation of corporate financial asset and technological innovation,and that property rights attributes and moderate industry competition play a negative regulating role in it,and the degree of marketization play a positive regulating role.Therefore,this paper puts forward relevant suggestions to the government and enterprises based on the market level so as to promote the economy to turn from virtuality to reality and help the construction of an innovative and powerful country.