关键词: 企业金融化, 企业高质量发展, 技术创新, 中介效应

Abstract:     A competitive enterprise must be an enterprise with high-quality development, and high-quality development of enterprises requires high-quality financial asset structure configuration. In recent years, with the increase of economic downward pressure, the profits of physical enterprises have been seriously squeezed. In order to seek new profit growth points, a large number of enterprises have turned to invest in financial assets and deviated from the main business. This has led to the problem of enterprise financialization. This is an important economic structure problem that the government needs to solve, and also an important topic that the current academic community is very concerned about. However, at present, there is little literature on the impact of corporate financialization on the high-quality development of enterprises. Therefore, it is necessary to use empirical research methods to study the impact of corporate financialization on the high-quality development of enterprises.
     The following points are worth studying in this paper. First, China′s economy is currently in a critical period of adjusting its economic structure and transforming its development mode, while the research on high-quality development of enterprises at the micro level needs to be improved. Second, in recent years, the crowding-out effect of corporate financialization has become more and more significant, and the financialization of physical enterprises has shown more negative effects on the development of enterprises. However, there are few literature studies on the comprehensive impact of corporate financialization on the high-quality development of enterprises. Third, technological innovation is one of the effective indicators to reflect the market competitiveness of physical enterprises, which can reflect the innovation ability and resource details of enterprises. However, excessive allocation of financial assets by enterprises will inevitably crowd out the innovative capital of enterprises, thus affecting the technological innovation of companies. Therefore, it is also very important to study the mechanism of technological innovation between enterprise financialization and high-quality development of enterprises.
    In order to reveal the impact mechanism of enterprise financialization on the high-quality development of enterprises, this paper takes the data of A-share listed companies from 2010 to 2020 as a sample, studies the impact of enterprise financialization on the high-quality development of enterprises, and tests the intermediary effect of technological innovation between them. The empirical results show that enterprise financialization has a significant negative impact on the high-quality development of enterprises, and has a significant impact on both state-owned enterprises and non-state-owned enterprises; Technological innovation is the intermediary variable between enterprise financialization and enterprise high-quality development, which plays a significant part of the intermediary effect. Enterprise financialization hinders the high-quality development of enterprises by weakening the innovation ability of enterprises. Further research shows that the negative impact of enterprise financialization on the high-quality development of enterprises is established in both manufacturing and non-manufacturing samples, and the impact is more significant in non-manufacturing samples. At the same time, the negative impact is significant in non-real estate and low-R&D intensity enterprise samples, but not in real estate and high-R&D intensity enterprise samples; After replacing the intermediary variable with the patent structure, the intermediary effect test was conducted again，and still played a significant part of the intermediary effect.
The research conclusion is conducive to sorting out the relationship between the financialization, technological innovation and high-quality development of real enterprises, and can provide some reference for restraining the excessive financialization of enterprises, avoiding the hollowing out of industry, enhancing the technological innovation ability of enterprises and promoting the high-quality development of enterprises. In addition, the research of this paper has several theoretical advances: First, based on different views on the economic consequences of enterprise financialization, this paper concludes that the high-quality development of enterprises is different from the short-term financial performance and other indicators of enterprises, and is a comprehensive long-term indicator, so financialization will have more significant inhibition effect on the high-quality development of enterprises. Second, the measurement of enterprise technological innovation should not only focus on its direct results, but also consider the structure and quality of innovation，and technological innovation is also a long-term indicator, which is conducive to the high-quality development and sustainable development of enterprises.

Key words: enterprise financialization, high-quality development of enterprise, technological innovation, intermediary effect