Abstract:Based on the data of China's listed companies from 2013 to 2020, the impact of the degree of enterprise financialization on the total innovation investment and dual innovation investment of enterprises is empirically studied , the differences between enterprises with different property rights is analyzed , and further discusses the moderating effect of economic policy uncertainty. It is found that the degree of financialization of Chinese enterprises significantly inhibit innovation R & D investment, especially exploratory innovation R & D investment,While the effects are more significant in non-state-owned enterprises, economic policy uncertainty can alleviate those inhibitory effect to a certain extent. The conclusions can provide some reference for restraining financialization of enterprises and improving innovation alibility of enterprises , thus implementing the innovation-driven strategy and promoting high-quality development of the economy.