@article{Liu2023, 
author = {Yue Liu and Jinzhi Liu and Lichang Zhang},
title = {Enterprise financialization and R&D innovation: A case study of listed companies in China},
year = {2023},
journal = {Electronic Research Archive},
volume = {31},
number = {5},
pages = {2447-2471},
keywords = {enterprise financialization, R&D innovation, dynamic relationship, financing constraints, business cycle},
url = {https://www.sciopen.com/article/10.3934/era.2023124},
doi = {10.3934/era.2023124},
abstract = {In financial asset allocation, enterprises adjust their investment in R&D innovation according to their motives and the external environment. Based on a review of the literature related to enterprise financialization and R&D innovation, this paper proposes research hypotheses through theoretical analysis first; then, taking China's A-share non-financial listed companies from 2010 to 2019 as research objects, this paper explores the relationship between enterprise financialization and R&D innovation with a quantile panel data model; further, the heterogeneous relationship between the two under different business cycle phases is empirically analyzed. The following conclusions are drawn. First, there is a dynamic relationship between enterprise financialization and R&D innovation, varying with different financing constraints. Second, the dynamic relationship between enterprise financialization and R&D innovation stems from the motivation difference in enterprise asset allocation. Third, there are significant differences in the dynamic relationship at different business cycle phases.}
}