Abstract It is of great significance to guide the return of manufacturing enterprises to the main business from the perspective of technological innovation, and to promote the growth of total factor productivity of enterprises. Based on the panel data of 1763 listed manufacturing enterprises in China from 2007 to 2017, this paper empirically analyzes the relationship between financialization, technological innovation and total factor productivity of manufacturing enterprises. The study found: The financialization of manufacturing enterprises has a significant negative impact on total factor productivity, and the suppression of Chinese enterprises and low-profit enterprises is more obvious; Further through the mediation effect test, corporate financialization leads to a reduction in total factor productivity through “extrusion” technology innovation, technological innovation has played a part of intermediary role, and the increase in marketization has weakened the negative impact of corporate financialization on total factor productivity.
2020, Vol. 37 
