Key Industrial Policy,Financialization and Enterprise Investment on Innovation
Based on the key industrial policy information from the"Five-Year Plan",we explore the impact of key industrial policies on enterprise investment on innovation and how financialization can interfere with it.The empirical results show that key industrial policies can effectively promote enterprises to increase innovation investment,and their promo-tional effect will weaken with the increase of financialization.After a series of robustness tests,the conclusion still holds.Through the mechanism analysis,we find that the positive effect of financialization on key industries is lower than that of non-key industries,making its negative impact more prominent,thereby weakening the promotion effect of key indus-trial policies on enterprise innovation investment.Further analysis shows that institutional ownership can improve the negative interference of financialization and has a positive regu-latory effect.Finally,compared to companies with lower executive pay gaps,increasing executive pay gaps is conducive to enhancing the promotion effect of key industrial policies on enterprise innovation investment and reducing the negative interference of financializa-tion.This paper broadens the research on key industrial policies in relevant fields of enter-prise investment decision-making,and has certain reference value for the government to explore the development potential of enterprises and accelerate the realization of industrial transformation and upgrading.
万方数据
维普
