| In recent years,China’s manufacturing enterprises are facing challenges such as high labor costs and declining profits,and it is difficult for manufacturing enterprises to survive.At the same time,the income of the financial industry continues to rise,and the "cold" of the manufacturing industry and the "hot" of the financial industry form a strong contrast,forcing manufacturing enterprises to invest funds in high-yield fields such as finance and real estate,resulting in the gradual hollowing out of manufacturing enterprises.As the most basic subject of market activities,manufacturing enterprises are the main force of technological innovation,and how to use financialization to promote innovation is crucial to promote the long-term development of enterprises and enhance the country’s innovation ability and competitiveness.Taking the Shanghai and Shenzhen A-share manufacturing enterprises from 2010 to 2020 as the research object,this thesis establishes a fixed-effect model from the perspective of moderation,examines the influence effect of enterprise financialization moderation on technological innovation,examines the regulating effect of stable institutional investors,further discusses the influence mechanism of enterprise financialization moderation on technological innovation,and finally distinguishes industries and enterprise scales to explore the heterogeneous impact of enterprise financialization moderation on technological innovation.It is found that:(1)There is an "inverted U-shaped" relationship between the financialization appropriateness of manufacturing enterprises and technological innovation,and there is no excessive financialization to promote technological innovation,and excessive financialization inhibits technological innovation.(2)Stable institutional investor shareholding can strengthen the promotion effect of non-excessive financialization on technological innovation,and can also alleviate the inhibitory effect of excessive financialization on technological innovation.(3)Unexcessive financialization can promote technological innovation by easing financing constraints and improving capital liquidity,while excessive financialization will inhibit technological innovation by increasing corporate risks.(4)The technological innovation of small-scale enterprises and high-tech enterprises is more affected by the appropriateness of enterprise financialization.This thesis incorporates stable institutional investors into the analysis framework,enriching and expanding the relevant research on the moderation of corporate financialization.The research conclusion reveals the importance of corporate financialization moderation for technological innovation,which has certain significance for enterprises to allocate financial assets reasonably and promote technological innovation. |
