Abstract: In recent years, the degree of China’s economic financialization has increased rapidly. With the acceleration of the process of economic financialization, the operation of enterprises is increasingly affected by the financial market. A large number of studies have analyzed the financial motivation of non-financial enterprises from the perspective of preventive savings theory, financing constraints theory and internal capital market theory. The first is for the purpose of improving the business ability of enterprises, such as avoiding risks and saving taxes. The second is for the purpose of strengthening capital operation capacity. Internalization of the financial sector, on the one hand, forms complementarity between the financial business and the main business to achieve business expansion and resource integration; on the other hand, it can use financial means to carry out external mergers and acquisitions and restructuring, so as to achieve the strategic objectives of industrial integration, technology acquisition and market entry. The third kind of motivation comes from the pursuit of profits. With the increasing influence of financial market, the return on investment of financial assets gradually exceeds the profit margin of entity operation, leading non-financial enterprises to more and more tend to invest in financial assets. However, a large number of studies also show that enterprise financialization tends to lead to neglect of the development of its main business, excessive emphasis on short-term interests, and neglect of sustainable development. Whether in the United States, Britain, France and other western developed countries, or in Turkey, Mexico and other emerging market countries, enterprise financialization will lead to a decline in operational investment and capital accumulation. Then, in China, where the demand for economic transformation and upgrading is increasingly strong, a large number of non-financial enterprises are involved in the financial field, allocating capital originally used for operation to financial assets, and how this will affect technological innovation is an important issue worthy of attention.
Considering the existing research, there are still some limitations in the selection of indicators to measure the level of technological innovation andfinancialization of enterprises. Innovation is the most important factor affecting the production efficiency of enterprises. However, the production efficiency of enterprises is also affected by the internal management ability, market control and external environment of enterprises. These factors need to be stripped when analyzing. The BCC-SFA-BCC model proposed by Fried et al. (2002) can simultaneously estimate and eliminate the difference between environmental factors and statistical noise, which provides a feasible way for this study. This paper takes 1131 A-share listed companies from 2008 to 2014 as the research object, and uses the three-stage portfolio efficiency method to measure the innovation performance of enterprises excluding the influence of management and environmental factors. The first step of the process is to use Input-oriented BCC model to evaluate the production efficiency of sample companies. The total annual average fixed assets, total average current assets and total employees of each enterprise are selected as input variables, and the annual main business income of each enterprise is selected as output variables to measure production efficiency. In the second stage, SFA model is used to separate management and environmental factors. Because Input-oriented BCC model is used in the first stage, SFA analysis of input relaxation variables is needed. Finally, as the management and environmental factors are stripped first, and then repeat the first stage of operation with the adjusted input variable to calculate the evaluation value of enterprise productivity excluding the management and environmental factors. When evaluating the production efficiency of enterprises, we try to eliminate the influence of management and environment. At the same time, we use multi-index system to reflect the financial situation of enterprises. From the perspectives of innovation investment intensity and innovation performance, we use econometric analysis method to explore the impact of enterprise financialization on technological innovation in China. The results show that at present, financialization has a pull effect on technological innovation of non-financial enterprises in China, whether from the perspective of innovation investment or innovation performance; the difference of profit margin between financial investment and real operation is an important factor affecting innovation investment of enterprises, when the profitability of main business is weak, Only when enterprises are financialized can they show “crowding-out effect” on innovation investment; moreover, the management efficiency and innovation performance of non-state-owned enterprises are higher than those of state-owned enterprises, and the “pulling effect” of financialization on technological innovation of non-state-owned enterprises is also higher than that of state-owned enterprises.
The research expects to examine the mechanism of the impact of enterprisefinancialization on technological innovation in theory, and to explore its current situation in China, so as to provide guidance for the choice of development path and technological innovation strategy of enterprise financialization under the “new normal” situation. From the empirical results, China has not yet seen excessive financialization, and the impact of enterprise financialization on technological innovation is more manifested in the “pull effect”. At present, the financial development of Chinese enterprises plays a promotive role in improving their operating capacity and optimizing the allocation of resources. It has a positive impact on technological innovation of enterprises. Enterprises should be encouraged to rationally improve their efficiency through financialization, but also to prevent the weakening of the real economy caused by over-virtualization of the economy. For non-financial enterprises with poor performance, they should be guided to realize transformation and upgrading through technological innovation, so as to avoid excessive “crowding-out effect” on the real economy. In addition, the efficiency of state-owned enterprises still has much room to improve, financialization can be an effective way, but essentially still lies in the reform of the system and mechanism and the improvement of the management and control system. State-owned enterprises are facing the dilemma of weak innovation ability, inefficiency and rigid control. Their operating efficiency and innovation efficiency are still lower than those of non-state-owned enterprises. In the period of economic transformation, facing the problems of industrial restructuring and eliminating excess capacity, it is an effective way to make rational use of financial resources to enhance profitability and capital operation ability. But fundamentally, it is necessary to make a painful determination to improve the system and mechanism, enhance the level of management and control, give full play to the advantages of innovation and speed up enterprises.

Key words: corporate financialization, innovation, non-financial firms, three-stage DEA