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Financialization of Enterprises and Technological Innovation of New Energy Enterprises

In: Proceedings of the 2022 2nd International Conference on Economic Development and Business Culture (ICEDBC 2022)

Author

Listed:
  • Yuxuan Zhang

    (Beijing Technology of University, College of Economics and Management)

Abstract

Under the goal of “carbon peak” and “carbon neutralization”, China began to attach great importance to the transformation of energy, and new energy enterprises have become key development enterprises. Technological innovation is the key to the development of new energy enterprises, but the low economic efficiency makes them less motivated to carry out technological innovation. Instead, idle funds are used for short-term financial investment. Based on the theory above, this research attempts to explore the impact of enterprise financialization on technological innovation of new energy enterprises. According to the Wind database, this research selects Shanghai and Shenzhen A-share listed companies from 2011 to 2020 as the original sample and uses the random effect model in STATA to make an empirical analysis. The results show that enterprises financialization has a “crowding-out” effect on technological innovation of new energy enterprises, and the higher the return on asset is, the stronger the technological innovation capability is. The enterprise scale and the R&D investment ratio also have a significant indigenous impact on the technological innovation of enterprises.

Suggested Citation

  • Yuxuan Zhang, 2022. "Financialization of Enterprises and Technological Innovation of New Energy Enterprises," Advances in Economics, Business and Management Research, in: Yushi Jiang & Yuriy Shvets & Hrushikesh Mallick (ed.), Proceedings of the 2022 2nd International Conference on Economic Development and Business Culture (ICEDBC 2022), pages 1216-1222, Springer.
    • Handle: RePEc:spr:advbcp:978-94-6463-036-7_180
    DOI: 10.2991/978-94-6463-036-7_180
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