Research On The Impact Of Financialization On The Innovation Quality Of Non-Financial Enterprises

In recent years,economic globalization has entered a new stage,and the capital market is becoming increasingly mature.The financialization of enterprises has gradually become a major trend.As participants in innovation driven development strategies,non-financial enterprises’ financialization behavior will bring high financial investment returns and alleviate financing pressure.However,excessive financialization will inevitably lead to their economic development shifting from reality to emptiness,threatening the long-term core competitiveness of enterprises.Therefore,researching the financialization of non-financial enterprises has great significance for improving the quality of enterprise innovation.On the basis of analyzing the current research status of enterprise financialization and innovation quality,this article takes non-financial enterprises as the research object and selects data from 2009 to 2019 for empirical analysis.Firstly,research the impact of financialization of non-financial enterprises on innovation quality,then conduct further empirical research based on the motivation of enterprise financialization,and finally select an enterprise for case study.1.An empirical study on the impact of non-financial enterprise financialization on innovation quality.Research has shown that the financialization of non-financial enterprises has a "crowding out effect" on the quality of enterprise innovation,which hinders the improvement of innovation quality;The analysis of the impact mechanism of non-financial enterprise financialization on innovation quality shows that enterprise financialization significantly encroaches on enterprise innovation investment,increases financing constraints,exacerbates the issue of overconfidence among executives,and thus suppresses the quality of enterprise innovation;The heterogeneity test based on industry characteristics shows that the innovation quality of high-tech industries is more strongly inhibited by the financialization of enterprises;The heterogeneity test based on enterprise scale shows that the inhibitory effect of large-scale enterprise financialization on innovation quality is significantly stronger than that of small-scale enterprises;The heterogeneity test based on the nature of enterprises shows that the inhibitory effect of state-owned enterprise financialization on innovation quality is significantly weaker than that of non-state-owned enterprises.2.Further empirical research based on the motivation of enterprises financialization.The research results indicate that compared to the precautionary savings motivation,the more obvious the capital arbitrage motivation,the stronger the inhibition of enterprise financialization on innovation quality;The heterogeneity test based on industry characteristics shows that the more obvious the capital arbitrage motivation of high-tech enterprises,the more significant the inhibition of enterprise financialization on innovation quality;The heterogeneity test based on enterprise size shows that t The more obvious the capital arbitrage motivation of large-scale enterprises,the more significant the inhibition of corporate financialization on innovation quality;The heterogeneity test based on the nature of the enterprise indicates that the more obvious the capital arbitrage motivation of non-stateowned enterprises,the more significant the inhibitory effect of enterprise financialization on innovation quality.3.Case study.Z Company is selected as a case study enterprise.In the first few years of the research period,the level of corporate financialization was relatively low,and subsequently,financialization behavior gradually emerged.At the same time,the financialization motivation of Company Z has gradually shifted from preventive savings motivation to capital arbitrage motivation.By analyzing the relationship between Z Company’s financialization level and innovation quality,it was found that there is a significant negative correlation.Compared to the financialization behavior under the prevention reserve motivation,the financialization behavior under the capital arbitrage motivation of Company Z has a more significant inhibitory effect on the quality of enterprise innovation.This article analyzes the impact of non-financial enterprise financialization on innovation quality,enriches research dimensions,and provides new empirical basis for the research on the impact of corporate financialization on innovation quality.Meanwhile,this article examines the impact of nonfinancial enterprise financialization on innovation quality under different motivations,which helps to identify the impact of non-financial enterprise financialization on innovation quality under different financialization motivations.Finally,combined with case analysis,further confirm the impact mechanism of enterprise financialization on innovation quality,and supplement and improve the empirical results.Combining theory with practice and analyzing common phenomena and individual cases not only optimizes the practicality of studying common phenomena,but also avoids the limitations of simple case studies.