Enterprise financial asset allocation depends on its motivation, which significantly influences its R&D innovation. In this study, we theoretically analyzed the motivation behind the crowding-out effect of enterprise financialization on R&D innovation and constructed a panel data model to identify enterprise financialization behavior. Furthermore, we analyzed the characteristics of enterprises with two types of effects on R&D innovation: Crowding-out and non-crowding-out. Using disclosed data from listed companies in China as the sample, the following conclusions were drawn. First, there are two types of motivation for enterprise financial assets: reservoir motivation and substitute motivation. This difference in motivation leads to whether there is a crowding-out effect of enterprise financialization on R&D innovation. Second, based on whether there is a crowding-out effect on enterprise R&D innovation, we found that the difference in reservoir motivation between the two types of samples is reflected in the intensity of inhibition, while the difference in substitute motivation is reflected in significance. Third, there are differences in the mechanism variables of financialization motivation among different samples. The moderating effect of equity concentration is reflected in its intensity, while the moderating effect of financing constraints is reflected in its significance.
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