关键词: 金融监管, 技术创新, 企业金融化, 投资纠偏

Abstract:    A thorough exploration of the microinnovation effects of financial regulation holds significant theoretical and practical importance for advancing high-quality financial development in China and facilitating the innovative transformation of real economy enterprises. This paper selected A-share listed companies in Shanghai and Shenzhen stock exchanges from 2012 to 2020 as samples to examine the impact and mechanism of financial regulation on corporate technological innovation. The findings are as follows: Firstly, financial regulation has a notable promoting effect on the innovation of real economy enterprises, with conclusions remaining robust after using the generalized Difference-in-Differences (DID) model and multiple measurement methods to address endogeneity issues. Secondly, financial regulation can effectively correct the financialization bias in corporate investment, prompting more funds to be invested in research and development, thereby enhancing corporate technological innovation capabilities. Thirdly, the investment correction effect of financial regulation on corporate technological innovation is significant only in the context of short-term financial asset allocation and financialization motivated by "speculative arbitrage", but not in long-term financial asset allocation or financialization motivated by "capital reservoir" strategies. In addition, the investment correction effect of financial regulation on corporate innovation is more pronounced in samples where executives have financial backgrounds and in regions with more developed shadow banking systems. These research conclusions will theoretically enrich academic research on the microeconomic performance of financial regulation and the factors influencing corporate technological innovation, while practically providing empirical evidence for optimizing and improving China′s modern financial regulatory system and promoting corporate innovation and development.

Key words: financial regulation, technology innovation, corporate financialization, investment correction