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.

摘要： 本文以我国A股非金融上市公司为样本，考察了公司金融化对研发投资的影响。研究发现，公司金融化与研发投资强度显著负相关，即对研发投资具有挤占效应，进一步对金融资产进行异质性分类后发现，长期投资型金融化的研发投资挤占效应比短期投机型金融化更加显著和突出；市场竞争越激励，公司研发投资强度越高，并对金融化的研发投资挤占效应有一定调节作用。本文结果显示，金融化问题研究需要考虑投资金融资产的异质性动机，其对公司研发投资挤占具有不同的效应和结果；虽然有些公司短期交易型金融资产占比公司奇高，但总体上短期交易型金融资产占比适中，而长期稳定型金融投资在公司金融化进程中占主导，契合了当前上市公司参股合作并购模式盛行的现状。