E3S Web Conf.
Volume 235, 20212020 International Conference on New Energy Technology and Industrial Development (NETID 2020)
|Number of page(s)||5|
|Section||Research on New Energy Technology and Energy Consumption Development|
|Published online||03 February 2021|
Financialization of Enterprise Assets and R&D Investment
School of Economics and Management, Beijing Jiaotong University, BJTU, Beijing, China
This paper selects the panel data of 260 listed companies in China’s GEM from 2013 to 2017, and uses a fixed effect regression model to verify and analyze the overall impact of asset financialization of small and medium-sized entrepreneurial companies on R&D investment. The results show that the two are positively related overall. In addition, from the perspective of the shareholding structure, the threshold effect model is used to explore how the direction and extent of the effect of asset financialization on corporate R&D investment dynamically change. It is concluded that these will have a nonlinear relationship with the change in the shareholding structure. Only by optimizing the shareholding structure and adjusting the shareholding ratios of major shareholders and management to an appropriate range can the optimal promotion effect of asset financialization on enterprise R&D investment be achieved, and the harmonious development of the relationship between finance and real economy can be promoted.
© The Authors, published by EDP Sciences, 2021
This is an Open Access article distributed under the terms of the Creative Commons Attribution License 4.0, which permits unrestricted use, distribution, and reproduction in any medium, provided the original work is properly cited.
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