高管异质性视角下企业金融化对技术创新的影响

高新技术企业进行金融化战略可以为技术创新活动提供资金支持，但是也有可能会挤占技术创新活动的投入资金，金融化如何影响高新技术企业的技术创新是一个需要解决的重大问题。本文以2009-2018年我国高科技上市企业为样本，实证考察了企业金融化、金融背景高管以及技术创新水平之间的作用关系。研究发现，企业金融化对高新技术企业当年以及未来的技术创新水平具有显著正相关，而金融背景高管对于高新技术企业的当年以及未来的技术创新水平则呈现显著负相关；更进一步的，企业金融化与金融背景的高管之间的协同作用对于高新技术企业以及未来的技术创新水平之间呈现出显著的负相关。通过本文的研究有助于企业有效选择企业经营战略，选拔任用高层管理人员。

The impact of corporate financialization on technological innovation from the perspective of executive heterogeneity

The financialization strategy of high-tech enterprises can provide financial support for technological innovation activities, but it may also squeeze the investment funds for technological innovation activities. How financialization affects the technological innovation of high-tech enterprises is a major issue that needs to be resolved. This article uses the 2009-2018 listed high-tech companies in my country as a sample to empirically examine the financialization of enterprises. The relationship between financial background executives and the technological innovation level of high-tech enterprises. The study found that corporate financialization has a significant positive correlation with the current and future technological innovation levels of high-tech companies, while executives with financial backgrounds have a significant negative correlation with the current and future technological innovation levels of high-tech companies; furthermore, companies The synergy between financialization and financial background executives presents a significant negative correlation between the current and future technological innovation levels of high-tech enterprises. The research in this article will help companies to effectively choose business strategy and select and appoint senior managers.