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In recent years,the excess capacity of traditional industrial enterprises has led to a sharp decline in the return on investment of entity industry. Meanwhile,with the influx of corporate capital into the financial industry,real estate industry and other high-return fields,the financialization has become a new trend of the development of entity enterprises in China. In order to test the nonlinear influence of enterprise financialization on investment efficiency,this study was based on data of manufacturing domestic listed companies from 2013 to 2017,with modeling multiple regressions,which have carried on the empirical test. According to the results,corporate financialization has an inverted u-shaped effect on the investment efficiency,and indirectly affects the investment efficiency through the intermediary mechanism of industrial investment. This shows that only moderate financialization can alleviate the financing difficulties of enterprises 'industrial investment and improve their investment efficiency. Therefore,financialization is a double-edged sword for enterprises. On the one hand,relevant government agencies need to strengthen capital market supervision to prevent extreme investment by enterprises. On the other hand,it is necessary to strengthen the guidance of rational financialization of corporates and help them optimize industrial institutions and technological innovation to improve investment efficiency,and then enhance the comprehensive value of China's real economy.
Keyword： Corporate financialization; Investment efficiency; Industrial investment; R&D investment;