企业金融化分析与创新投入调节效应OA北大核心CHSSCDCSSCI

Based on annual panel data of traditional manufacturing listed companies in Shanghai and Shenzhen A-shares from 2015 to 2021,this study employs fixed-effects models and multiple linear regression models to explore the impact of corporate financialization on innovation investment while fiscal subsidies were further introduced in to empirically test their moderating effect in this relationship.The results show that corporate financialization exhibits a significant"crowding-out effect"on innovation investment.Specifically,the holding of liquid financial assets does not significantly exhibit a"reservoir effect",while the holding of illiquid financial assets has a significant negative impact on innovation investment.Further research indicates that fiscal subsidies have a negative moderating effect between corporate financialization and innovation investment.That is,when companies receive fiscal subsidies,most of these funds are utilized for purchasing financial assets for profit motives,thereby suppressing innovation investment.The conclusions of this study provide a theoretical basis for the government to formulate policies aimed at curbing the financialization behavior of traditional manufacturing enterprises and promoting technological innovation.It also aids the government in further optimizing fiscal subsidy policies,strengthening supervision,guiding manufacturing enterprises to revert to the real economy,and enhancing the technological capabilities and efficient asset allocation of the traditional manufacturing industry.