Threshold effects of financialization on enterprise R & D innovation: a comparison research on heterogeneity

By taking samples of 1221 non-financial listed companies in China from 2010 to 2019, threshold effects of financialization on enterprise R&D innovation, as well as heterogeneous impacts of the threshold effects in different enterprise types are analyzed by using panel threshold model. The research shows that there are threshold effects of financialization on enterprise R&D innovation, and these threshold effects are heterogeneous among different types of enterprises. To be specific, first, in groups with different ownership structures, the inhibiting effect of state-owned enterprises financialization on R&D innovation decreases with the increase of financialization, while the impact of financialization of non-state-owned enterprises on R&D innovation is firstly promoted and then inhibited with the increase of financialization. Second, in groups with different financing constraints, the inhibiting effect of financialization with high financing constraints enterprises on R&D innovation decreases significantly with the increase of financialization, while the effect of financialization with low financing constraints enterprises on R&D innovation changes from an insignificant promoting effect to a significant inhibiting effect with the increase of financialization. These conclusions provide empirical evidence for different types of enterprises on how to balance the relationship between financialization and R&D innovation.