Empirical Study on the Impact of Corporate Financialization on Technological Innovation—Mediation Effect Based on Financial Flexibility
The excessive allocation of financial assets by physical enterprises seriously affects the output of inno-vation activities,which is not conducive to the long-term development of enterprises and the strength and stability of the country.This paper uses data from A-share listed companies in Shanghai and Shenzhen from 2018 to 2022 to explore the impact of corporate financialization behavior on technological innovation levels,and examines the mediating role of financial flexibility in this impact mechanism.Research has found that financialization of enter-prises significantly suppresses technological innovation output,resulting in a significant crowding out effect;Fi-nancial flexibility plays a transmitting role in the mechanism by which corporate financialization affects techno-logical innovation.Further research has found that the inhibitory effect of corporate financialization on technolog-ical innovation and the mediating role of financial flexibility are more pronounced in state-owned enterprises.Re-search suggests that the government should encourage enterprises to vigorously develop and revitalize industries,and take corresponding measures to avoid excessive allocation of financial assets;Enterprises themselves should prudently grasp the degree of flexibility in allocating financial assets and reserving financial resources,and pro-mote sustainable development through technological innovation.
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