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| Does Financialization Promote the R&D Investment |
| Gu Qun1,2,Jia Dezhi1,Yue Zengyan1 |
| （1.School of Accountancy, Tianjin University of Finance and Economics；2.Co-Innovation Center for Intangible Asset Evaluation，Tianjin University of Finance and Economics，Tianjin 300222, China） |
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Abstract Now virtual economy is tending to overweigh real economy in China. Under such economic situation, this paper takes high-tech enterprises listed on the SME board in Shenzhen Stock Exchange of China as samples, and studies the impact of corporate financialization on R&D Investment. The author finds that corporate financialization improves hi-tech SMEs' R&D investment significantly. Corporate financialization has more positive impact on R&D investment in private hi-tech SMEs and firms located in areas with less financial development than state owned enterprises and firms located in areas with higher financial development level. Corporate financialization has a positive effect on spending in research stage but a crowd-out effect in development stage.
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Received: 15 March 2019
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