创新是经济发展第一动力，企业持有金融资产对创新投资具有重要影响。以2007—2021年A股上市公司为样本，基于供应链视角，实证分析企业金融化对创新投资的微观作用机制。结果发现，企业金融化显著促进企业创新投资。机制分析表明，企业金融化通过缓解融资约束，对创新投资发挥促进作用。进一步基于供应链视角，考察商业信用对这一作用机制的影响，发现企业商业信用融资和商业信用供给对上述作用机制发挥调节作用，即企业商业信用融资水平越高，企业金融化对融资约束的缓解作用越显著，相应地，对创新投资的促进作用也越显著；企业商业信用供给程度越高，企业创新投资受融资约束的抑制作用越显著。企业产权性质与年龄异质性分析结果显示，对于非国有企业以及成立11~20年的企业而言，企业金融化对创新投资的促进作用更为显著。由此，提出构建支持创新的金融服务体系、建立稳定的产业供应链联盟、有效利用商业信用助力企业创新等政策建议。

In recent years, more and more attention has been paid to the behavior of financial asset investment in China's real economy.Innovation is vital to the growth and sustainable development of enterprises and is considered the "power source" for promoting the growth of the real economy.But innovation requires a large amount of continuous capital investment, and innovation output lags significantly behind the returns brought by financial asset investment.#br#Thus, this paper analyzes the issue from the following four aspects.First of all, the financialization of real enterprises is a process in which the impact of financial investment on the economic activities of real enterprises continues to deepen.In terms of specific performance, "financialization" refers to the proportion of financial instruments or financial assets in the assets of the enterprise.The higher the proportion, the deeper the financialization of the enterprise.Second, Schumpeter's growth theory believes that endogenous R&D and innovation are important internal factors for enterprises to obtain core competitiveness and achieve sustainable growth, and innovation is a high-risk long-term investment.Third, financing constraints are common financing problems encountered by enterprises in the process of operation and development.The financing constraints of enterprises are serious, and the capital market in China is in need of improvement.Finally, upstream suppliers, enterprises, and downstream customers form a complete supply chain.Commercial credit extends the product market power among enterprises to the financing field and realizes the internal capital flow of the industrial supply chain.#br#In practice, enterprises generally use commercial credit as an important business strategy to respond to product market competition, access scarce material resources, and promote enterprise sales.Enterprises will not only use the commercial credit provided by upstream suppliers to form commercial credit financing, but also provide commercial credit to customers to form commercial credit supply.Commercial credit financing and commercial credit supply are rooted in the supply chain, reflecting the business relationships and financing dependence among enterprises in the supply chain.Therefore, this paper aims to study the relationship among enterprise financialization, financing constraints and innovation investment, and further from the perspective of supply chain, examine the different regulatory effects of financing constraints on the mediating effect of enterprise financialization and innovative investment by examining the level of commercial credit financing obtained from upstream suppliers and the degree of commercial credit supply provided to downstream customers.#br#In this paper, from the perspective of the supply chain, A-share listed companies from 2007 to 2021 are taken as samples.The study empirically analyzes the micro mechanism of enterprise financialization on innovation investment.The results show that enterprise financialization significantly promotes enterprise investment in innovation, and this conclusion remains robust after accounting for endogeneity.The mechanism analysis shows that financialization promotes innovative investment by alleviating financing constraints.This conclusion is robust even after replacing different measures and excluding special samples.Further considering the moderating effect of commercial credit financing and commercial credit supply, it is found that when the level of enterprise commercial credit financing is higher, the role of enterprise financialization in alleviating financing constraints is stronger, and the corresponding role in promoting innovation investment is stronger.When the degree of commercial credit supply is higher, the inhibition of enterprise financing constraints on innovation investment is stronger.Further, the heterogeneity analysis is carried out from two perspectives: property rights and the age characteristics of enterprises.It is found that for non-state-owned enterprises and enterprises with 11–20 years of history, the financialization of enterprises has played a more significant role in promoting innovative investment by alleviating financing constraints.#br#Finally, policy suggestions are put forward to help enterprises achieve innovation, such as establishing a financial service system to support innovation, forming a stable industrial supply chain alliance, and making effective use of commercial credit, that is, improving the level of commercial credit financing from the upstream of the supply chain, and reducing the degree of commercial credit supply to the downstream of the supply chain.#br#