Enterprise Financialization,Innovation Efficiency and New Quality Productivity
New quality productivity is an important driving factor for China's economy to achieve high-quality development,and technological innovation is the core element in its development.Based on this,taking A-share listed companies in China as samples and selecting new quality productivity as the research object,this study explores the impact of corporate financial-ization on new quality productivity.The research results indicate that the deeper the degree of financialization of enterprises,the less conducive it is to the development of new quality productivity.Moreover,excessive financialization is not conducive to the improvement of total factor productivity of enterprises.The heterogeneity test results indicate that the higher the degree of financialization in enterprises located in the central and western regions as well as traditional enterprises,the more signifi-cant the inhibitory effect on new quality productivity.Path analysis shows that excessive financialization will squeeze out the funds used by enterprises for research and development innovation,reduce their innovation efficiency,and be detrimental to the development of new quality productivity.Therefore,relevant government departments should formulate relevant regulations and policies,reasonably regulate the flow of capital market funds,avoid excessive concentration of industrial capital in the virtual economy,effectively guide financial capital to support innovation in entity enterprises,and promote the formation and development of new quality productivity.
New Quality ProductivityEnterprise FinancializationEnterprise InnovationCrowding-out Effect
万方数据
维普
