Enterprise Financialization,Margin Trading and Technological Innovation
This article takes Chinese A share listed companies from 2007 to 2021 as the research object,ex-ploring the relationship between corporate financialization and technological innovation,as well as the moderating effect of margin trading on the relationship between corporate financialization and technological innovation.The results indicate that the financialization of enterprises inhibits the input and output of tech-nological innovation;Margin trading exacerbates the inhibitory effect of corporate financialization on tech-nological innovation;The regulatory effect of margin trading is more significant in state-owned enterprises and enterprises with low management shareholding ratios;Financing constraints and earnings sustainabili-ty play a mediating role in the impact of corporate financialization on technological innovation.
万方数据
维普
