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Web of Proceedings - Francis Academic Press
Web of Proceedings - Francis Academic Press

Corporate Financialization and Corporate Innovation: Research Summary and Prospects

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DOI: 10.25236/ieesasm.2020.038


Shanshan Wang

Corresponding Author

Shanshan Wang


The trend of corporate financialization continues to accelerate, and its impact on corporate development and even the real economy is also increasing. In recent years, the domestic and foreign academic circles have continuously developed in-depth research on corporate financialization and innovation. The research results mainly focus on the motivation of corporate financialization and the relationship with corporate innovation. After reviewing the existing research results, it is found that the research on corporate financialization and corporate innovation still has the following shortcomings: (1) The existing research views are still inconsistent, and there are differences in the direction of the relationship between the two. (2) At present, most scholars directly characterize financialization as excessive research, and have not found relevant research results on the appropriate screening of financialization, and there are few documents that consider the financialization and financialization caused by the moderate heterogeneity of corporate financialization. The mechanism of dynamic changes in innovation relationships. (3) Research on the influencing factors between corporate financialization and innovation at the micro level is still a very new topic, with a small amount of related research, and the research perspective is still not fully unified, and a more recognized research has not yet been established frame. Therefore, future research needs to further explore the appropriateness and heterogeneity of corporate financialization, focus on the study of the dynamic relationship between the two, and strengthen the micro-level factors that affect the relationship between the two. It is hoped that it will help to systematically understand the evolution of this field and promote the in-depth development of corporate financialization and innovation.


Corporate financialization, Corporate innovation, Principal-agent theory, Crowding-out effect, Financing constraints, Preventive savings