The Impact of Corporate Financialization on Corporate Innovation
As the economy enters a stage of high-quality development,guiding enterprises to move from virtual to real,innovation and upgrading have become important focuses.This article is based on data from Chinese A-share manufacturing companies from 2007 to 2022,and empirically explores the impact of corporate financialization on corporate innovation,as well as the moderating effects of executive financial background and external environmental uncertainty between the two.Research suggests that appropriate invest-ment can promote corporate innovation,while excessive financialization can inhibit it.This conclusion still holds true after two robust-ness tests,namely model replacement and propensity score matching.The moderating effect shows that executive financial background can weaken the inverted U-shaped relationship between the two,while environmental uncertainty plays a positive moderating role.This article provides rich empirical evidence to explore the relationship between corporate financialization and corporate innovation,which has important practical implications for allocating financial assets for corporate innovation,providing a stable cash flow envi-ronment,and making reasonable financial investments.
万方数据
维普
