Based on the annual data of Chinese A-share non-financial listed enterprises from 2009 to 2021,this article empirically examines the impact of financialization on enterprise innovation investment and the moderating role of executive R&D back-ground and political affiliation.The results show that:first,the crowding out effect of financialization on enterprise innovation investment is significant and heterogeneous;second,executive R&D background can promote enterprise innovation investment and mitigate the crowding out effect of financialization on innovation investment,which is more obvious in weak financing constraints and high-tech enterpri-ses;third,executive political affiliation can strengthen the crowding out effect of financialization on innovation investment,which is more significant in strong financing constraints,private enterprises and high-tech enterprises.Therefore,this article proposes countermeasures and suggestions to avoid excessive financialization of real enterprises at both enterprise and government levels.
关键词
企业金融化/企业创新投资/高管研发背景/高管政治关联/挤出效应
Key words
Enterprise financialization/En-terprise innovation investment/Executive R&D background/Executive political connections/Crowding out effect
维普
万方数据