Related Experiment Video
Updated: Jun 14, 2025

The Innovation Arena: A Method for Comparing Innovative Problem-Solving Across Groups
Published on: May 13, 2022
Does financialization inhibit enterprise innovation? Analysis of innovation behavior of Chinese enterprises based on
Jianxin Tang1, Rizhao Gong1, Yun Shi2
1School of Business, Hunan University of Science and Technology, Xiangtan, 411201, China.
Abstract:
Enterprise innovation remains a cornerstone of economic development, with the direct influence of financialization on enterprise innovation standing as a critical factor. In contrast with the existing research, this study constructs an evolutionary game model by utilizing the Cournot model to analyze the innovation behavior of enterprises, and analyzes the influence of financialization on enterprise innovation by incorporating investment returns, market competition, and demand scale into the research framework. In addition, this study selects the sample of the Chinese non-financial listed enterprises and using panel data for the period 2009 to 2021. Based on the findings from the empirical analysis, this study reveals that excessive financialization hinders innovation in Chinese enterprises. Additionally, an intermediary pathway involving 'financialization - investment returns - enterprise innovation' is identified as a transmission mechanism. The demand scale generated by innovation inversely correlates with the inhibitory effects of financialization on enterprise innovation behavior. Meanwhile, heightened market competition amplifies the inhibitory influence of financialization on innovation. This study provided valuable empirical evidence, facilitating the enhancement of enterprise innovation efficiency.
Related Concept Videos
Criticisms of the Evolutionary Perspective
Evolutionary psychology provides one explanation for these findings, suggesting...
Evolutionary Psychology
Genetics of Speciation
Inclusive Fitness
Natural Selection and Adaptation
Beyond physical adaptations,...

