Abstract: Based on China's non-financial listed companies, This papers studies the relationship between firm financialization and R&D investments.The Study finds that:(1)firm financialization are negatively related to the intensity of R&D investment,in other words, firm financialization crowds out R&D investment;(2) forthemore when the financialization motivation is classified by heterogeneity,long-term investment financialization has more signicantly excluding effect of R&D investment than short-term financialization;(3)there is a significant positive correlation between the market competition and the R&D investment,and market competitionhas certain regulation effect on firm financialization and R&D investment .This research shows that research of firm financialization needs to consider the heterogeneity motive, financialization motives of R&D investment have different effect,in general,long-term financialization is dominant in the firm,this phenomenon explains the reason for the existence of a large number of merger and acquisition.