| Corporate financialization is a trend that has emerged in investment decision-making for companies,and this trend has had a profound impact on both innovation and enterprise value.In fact,whether choosing to invest funds in the capital market or in R&D activities,the ultimate goal of a company is to develop better.However,when a physical company invests funds in the financial sector,it deviates from its core business area and tries to pursue greater profits from the financial sector,where it is not good at,which is itself a contradiction.This paper aims to explore the topic of whether financial investment by physical companies contributes to the enhancement of enterprise value or whether it has the opposite effect,causing value to decline.This paper selects A-share listed companies from 2012 to 2021 as samples to study the impact of corporate financialization on enterprise value and the mediating effect of R&D investment.Based on this,the paper further examines the regulatory effects of property rights,internal control,and analyst attention on the relationship between corporate financialization and enterprise value,including the direct effects of corporate financialization on enterprise value and the mediating effects of R&D investment.The following are the research conclusions of this paper:(1)Corporate financialization significantly enhances enterprise value;(2)when the level of corporate financialization is too high,it may have a inhibitory effect on enterprise value,but currently,the financialization levels of most companies are within a moderate range.(3)Corporate financialization not only has a direct impact on firm value,but it can also indirectly affect firm value through research and development(R&D)investment,with R&D investment playing a masking effect.That is,corporate financialization crowds out R&D investment,thereby weakening the firm’s long-term development capabilities and hindering the enhancement of enterprise value.(4)The nature of property rights and analyst attention have moderating effects on the direct effect of corporate financialization on enterprise value.State ownership weakens the positive effect of corporate financialization on enterprise value,while high analyst attention can enhance the positive effect of corporate financialization on enterprise value.(5)The nature of property rights,internal control,and analyst attention all have moderating effects on the mediating effect of R&D investment.The nature of property rights has a moderating effect on both the pre-mediation and post-mediation paths,while internal control and analyst attention only have a moderating effect on the postmediation path.Specifically,compared with private enterprises,state-owned enterprises have a smaller crowding-out effect on R&D investment when they engage in financial investment.In enterprises with non-state control,high internal control quality,and high analyst attention,the promotion effect of R&D investment on enterprise value is more obvious. |
