Research on the Impact of Listed Companies' Financialization on Innovation Investment

With the development of the market economy and financial reform, the financialization of real enterprises has become a common phenomenon, which has attracted widespread attention from scholars at home and abroad. This article selects listed companies on GEM from 2014 to 2018 as the research object, and uses panel data and fixed-effect models to conduct empirical analysis to test whether the financialization of listed companies has a significant impact on innovation investment. The empirical results show that both the current financialization and the lagging financialization of the company have a significant inhibitory effect on innovation investment, that is, the financialization of listed companies is significantly negatively related to innovation investment.