Abstract
This paper selects the panel data of 260 listed companies in China’s GEM from 2013 to 2017, and uses a fixed effect regression model to verify and analyze the overall impact of asset financialization of small and medium-sized entrepreneurial companies on R&D investment. The results show that the two are positively related overall. In addition, from the perspective of the shareholding structure, the threshold effect model is used to explore how the direction and extent of the effect of asset financialization on corporate R&D investment dynamically change. It is concluded that these will have a nonlinear relationship with the change in the shareholding structure. Only by optimizing the shareholding structure and adjusting the shareholding ratios of major shareholders and management to an appropriate range can the optimal promotion effect of asset financialization on enterprise R&D investment be achieved, and the harmonious development of the relationship between finance and real economy can be promoted.
Highlights
The real economy is an economy that enriches the country and creates wealth
This result indicates that the financialization of corporate assets has a positive effect on R&D investment as a whole, which is consistent with the relevant analysis results and supports the contents of Hypothesis 1
Through the above fixed effect regression analysis, it can be seen that corporate R&D investment will be affected by corporate asset financialization and its own equity structure
Summary
The real economy is an economy that enriches the country and creates wealth. In the current critical period of my country's economic transformation, only through continuous innovation and core competitiveness can we better promote the development of the real economy. From the perspective of my country's national conditions, it is of practical significance to discuss the overall impact of asset financialization on the R&D investment of small and medium-sized entrepreneurial enterprises, and to increase the level of innovation and development of enterprises. (2) From the perspective of qualitative and quantitative equity structure, discuss how management shareholding and equity concentration affect the dynamic change of the relationship between the two This helps to enrich the research status of corporate asset financialization, and helps companies to rationally arrange equity structure. It is of great practical significance for promoting the positive effect of corporate asset financialization on innovation investment
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