Investment In Financial Assets And Enterprise Technological Innovation

Innovation is an inexhaustible driving force for a country’s prosperity and a constant source of competitive advantage for enterprises.The report to the 20 th National Congress of the CPC also makes it clear that we must maintain that science and technology are the primary productive forces and that innovation is the primary driving force.We must accelerate the implementation of the strategy of innovation-driven development,and accelerate the realization of self-reliance and self-improvement in high-level science and technology.However,as the main body of innovation-driven development,Chinese real enterprises are facing severe challenges such as overcapacity,rising labor costs and declining real investment rate of return.More and more real enterprises are shifting their investment focus to the financial field with short investment cycle and high return rate of investment,which occupies the input of innovation resources and has a certain impact on the technological innovation of enterprises.Therefore,it is of great significance to study the influence of corporate financial asset investment on corporate technological innovation to actively guide enterprises to carry out innovation,help the financial system to better serve the real enterprises and promote the realization of high-quality economic development.This paper uses the method of combining theory and demonstration.Taking the data of Shanghai and Shenzhen A-share non-financial listed companies from 2010 to 2021 as the research object.A benchmark regression model is constructed to test the influence of corporate financial asset investment behavior on corporate technological innovation.On this basis,taking earnings persistence as the intermediate variable,the influence path of financial asset investment behavior on technological innovation is analyzed.The difference of the influence of financial asset investment on technological innovation is tested from the perspective of ownership nature and technology dependence degree.Finally,the robustness test was carried out by replacing the explained variables,reducing the sample si ze,selecting the sample subinterval and introducing the lag term of the explanatory variables.The empirical results show that: firstly,corporate financial asset investment has a inhibitory effect on both technological innovation input and technological innovation output.Secondly,the investment in corporate financial assets continuously inhibits technological innovation by weakening corporate earnings.Thirdly,for enterprises with different ownership properties,financial investment behavior of state-owned enterprises has greater negative effect on technological innovation input and smaller negative effect on technological innovation output than that of non-state-owned enterprises.For enterprises with different technology dependence degrees,the negative effect of financial investment behavior of high-tech enterprises on technological innovation input is smaller than that of non-high-tech enterprises,and the negative effect on technological innovation output is larger than that of non-high-tech enterprises.According to the research conclusion,this paper puts forward relevant suggestions from the two levels of government and enterprises:(1)The government should strengthen financial supervision and restrict financial speculation.Deepen the reform of the financial mechanism and improve the efficiency of financial services.We will build a system for technological innovation and stimulate the vitality of enterprise innovation.(2)At the enterprise level,internal risk management should be strengthened to reduce earnings volatility.Reasonable allocation of financial assets to avoid short-sighted behavior of senior executives.We will improve the innovation management mechanism and enhance the innovation capacity of enterprises.