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| Research on the Impact of China's Non-financial Enterprise Financialization on Innovation |
| Sun Ping |
| (School of Economics, Shandong University, Jinan 250000, China) |
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Abstract This paper analyzes the mechanism of financial innovation of non-financial enterprises affecting enterprise innovation, and uses the data of listed companies in China from 2009 to 2017 to empirically test the effects of various mechanisms. The study finds that the financial liability channel has a significant positive effect on enterprise innovation, and the positive effect is mainly reflected in the scale of enterprise innovation rather than the proportion; the impact of financial asset channel on enterprise innovation is not significant, but the real estate investment has significantly negative effect on the scale of innovation of enterprises; the shareholder value orientation channel has not shown significant effect on enterprise innovation; the research that further distinguishes the nature of enterprise property rights shows that the impact of changes in financial liabilities on innovation is mainly reflected in private enterprises and local state-owned enterprises, but not central state-owned enterprises. Financial assets and shareholder value orientation channels did not show property heterogeneity. We can improve the positive aspects of financialization on innovation from four aspects: deepening financial supply side reform, strictly controlling real estate investment behavior of entities, promoting stock market reform, and exploring more diverse and targeted innovation support measures.
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Received: 08 May 2019
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