The world today is in a big change in a century，Deep complex changes in the face of the domestic and foreign environment，In -depth implementation of innovation -driven development strategy，Consolidate the foundation of the real economy，New momentum for cultivating economic growth in China、Form new international competition、It has important practical significance to realize the economic development method from factor -driven to innovation drive。In the background of the new normal economy in China，The problem of population aging is prominent，The phenomenon of economic and financial melting is becoming more and more serious。Only a dialectical understanding of the systemic influence of aging and financial melting，can better stimulate and release innovative vitality and power。

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Changes in the population structure will inevitably lead to changes in the structure of consumer demand，This is the soil of innovation needs。Matching consumer structure changes are important contents for my country's innovation leading modernization。

Changes of the demand structure of the consumer market will stimulate the innovative vitality of the enterprise。Consumption demand directly affects market production supply，Demand changes prompted changes in the industrial structure。On the new journey of building a socialist modernization country in an all -round way，There are differences in consumption preferences of population at different ages，Digital technology profoundly changes the consumption habits of residents，In addition, the degree of aging in China gradually deepen，The superposition of the above factors will inevitably lead to changes in the scale and structure of the final consumer market。In the future period，The increase in the per capita disposable income of my country has also improved consumption quality，Increase the demand for bet365 Play online games high -quality products，Consumers' preferences on the consumer market will in turn attract companies to adopt more advanced production technology，Improve product quality to meet new consumer needs，to improve your technological innovation ability，Promote the optimization and upgrade of the industrial structure，Pension、Medical、Nursing and leisure industries will usher in a booming situation。

Corporate Innovation。Rising labor costs play an important role of corporate innovation incentive，Corporate innovation ability will rise with the increase in labor costs。When the price of labor is rising relative to the capital price，Enterprises will use capital to replace labor，Technical innovation that promotes the labor seasons。Labor supply is an important factor affecting the cost of labor，Therefore, aging has a significant impact on labor costs。The pressure on labor costs facing enterprises in the process of production and operation is more and more pressured，This will force the enterprise to optimize the factor resource allocation，Increase innovation investment，Getting the competitive advantage，Avoid the risk of exit。

　　Reasonable allocation of financial assets

　　Innovation requires a large -scale capital investment，And the real economic department has always been the main body of innovation。With the change of the population structure，Another phenomenon worthy of attention is that the degree of economic and finance in my country has increased significantly，Excessive development of the virtual economy from the real economy will also have an important impact on innovation。Financial melting refers to the increasing expansion of the financial sector relative to non -financial sector，In the micro, it refers to the phenomenon that the financial sector is becoming increasingly inclined to allocate financial assets。Research indicates，Population aging promotes rising labor costs is one of the reasons for driving funds from the flow of funds from the real economy to the financial field。

Existing literature proposes the motivation of financial bet365 Play online games melting mainly includes the "pool" motivation and "investment alternative" motivation。"Storage Pool" motivation to point out，Enterprise holding financial assets is to reserve funds，to resist the uncertainty of the future economic environment and cash flow risks that business activities may encounter。Because financial assets have stronger liquidity than fixed assets，In the case of sufficient funds, the enterprise，Buy a certain financial asset in advance to prevent the shortage of funds in the future in the future，When the company encounters the tension of the capital chain，You can provide liquidity to yourself by selling financial assets in time。"Investment Equipment" motivation refers to the relatively high rate of return because financial assets have a relatively high rate of return，Driven by the company's maximum motivation, the company will choose to allocate more financial assets for investment alternative，Financial channel profit proportion increases。

Moderate allocation of financial assets may be "ahead" for enterprises，A certain amount of financial assets holding a certain amount of financial assets can take into account the needs of liquidity and optimize the allocation of idle funds，belongs to normal behavior。But if the focus of operation is transferred to the allocation of financial assets, it is really upside down，Excessive finance may be counterproductive。The more configuration of financial assets，So it will inevitably cause squeeze out of the investment of the enterprise's real economy，Innovative funding sources may be squeezed。Although the view of the "storage pool" believes that financial assets are the "storage pool" of corporate funds，helps to ensure the liquidity of funds，It has a supporting effect on business development。However, the company is chasing more profits，will reduce the main business investment，Add "Non -Product production"，Flowing funds from the entity department，Investing a higher profit for finance、Real Estate and other fields。Financial assets did not play the bet365 Play online games role of "reservoir"，Excessive allocation of financial assets not only cause squeezing for R & D investment，Then it has adverse effects on corporate innovation and full -factor productivity，Even reducing its own operating profit margin。

Under the circumstances where the financial industry has excess returns，Enterprise allocation of financial assets has the following two impacts on innovation: the inhibitory effect of moderate and financial promotion effect and excessive finance。Moderate finance enables enterprises to effectively reduce their external financing costs，Supplementary funds liquidity。Excess income obtained by financial assets helps improve business performance，The effect and income effect of the "storage pool" provides capital support for enterprise technology research and development，Moderate finance will have a positive impact on the production efficiency of enterprises。Excessive financial melting makes the enterprise in the face of innovation investment、When the characteristics of long and uncertainty，Limited due to available capital，The excess return of financial assets will further drive the company to occupy the resources that should be used for corporate innovation，Gradually abandon the endogenous power of innovation，The financial extrusion effect will suppress innovation。

　　Actively cope with aging and finance

Current，China is facing sharp reduction in foreign needs、Population dividends disappear、It is difficult to continue、A series of issues such as "Disability and False" of the economy。To achieve the goals and tasks of achieving high -quality economic growth，better stimulate innovative vitality and power，You need to do a good job as the following aspects。

First，Actively conform to the development characteristics of the changes in population structure，Promote the accumulation of human capital。Consumption demand effects and labor costs caused by changes in population structure will promote enterprises to accelerate technology replacement、Improve the core competitiveness of the product、Stimulate innovation endogenous motivation，A positive Bet365 app download impact on the overall innovation efficiency of society。Under the circumstance where the demographic dividend in my country gradually faded，The experience advantage of the elderly should be used，Increase the supply of intellectual elements，The pressure to relieve the decline in traditional labor，Really realized the old thing，Delaying aging society with innovation kinetic energy。The population aging is irreversible trend，Increased population scale for the elderly、Speed ​​growth has created a huge "silver -haired market"，We want to embrace the innovative opportunities brought by aging。Innovation requires a large number of high -quality and high -skilled labor forces，To increase its efforts to promote the accumulation of human capital。Investment of Education，Solve the problem of serious uneven distribution of educational resources，Improve the national overall education level and human capital level。The expected life expectancy provides realistic possibilities for the elderly to maintain high labor productivity for the elderly，We can't just pay attention to youth、Construction of high -level innovative talents，It is also necessary to use the "longevity bonus" of the elderly，Release the potential of social innovation。

Second，Pay attention to the coordinated development of finance and the real economy。The main battlefield of innovation is the real economy，The high proportion of the added value of China's financial industry to the real estate industry accounts for GDP does not mean that the real economy of the Chinese financial industry serves the real economy; on the contrary,，It indicates that the relationship between the relationship between finance and the real economy。In the final analysis, the profit margin gap between the financial industry and the real economy is too large，To solve this problem, you can start from the aspects of finance and the real economy。On the one hand，Continue to deepen the opening of the financial industry，Increase antitrust in the financial field，Optimize the entry threshold bet365 Play online games for financial institutions，Change the current situation of changing the financial industry to rely on market monopoly and control spreads to obtain excess profits，Promoting the financial industry to reduce costs from the real economy，Guide the banking industry to enter the reasonable range of symbiosis with the real economy。On the other hand，Adhere to innovation drive to promote the transformation and upgrade of the real economy，The real economy should put innovation in the core position，Improve the product innovation mechanism，Increase the quality and benefits of the real economy to increase corporate profit margin，Reduce the gap between the financial industry，to attract physical companies to return to the main business，Revitalize the development of the real economy。

Third，Improve the construction of the financial market，Strengthen financial supervision。Respect the law of the market，Give full play to the decisive role of the market in resource allocation，Accelerate financial innovation，To better give play to the preventive savings function of the company's moderate allocation of financial assets，Improve financing structure，Promote the construction of a multi -level capital market system，Expand the financing channel of market entities，Difficulties for SMEs，Reduce the arbitrage behavior of short -term financial investment in the enterprise。Finance is the core of the modern economy，To keep the bottom line that does not occur without systemic financial risks。Inadequate financial supervision is an important cause of excessive finance，Due to the poor coordination of financial supervision in my country、The relevant laws and regulations systems are not perfect、Inadequate regulatory measures，Enterprise through commission loan、Trust loan、Shadow Bank, etc. participate in financial business，Even blindly adding leverage beyond its own business capabilities for financial investment，The funds are empty inside the financial system and have not transformed blood for the real economy，The continuous expansion of debt has also led to the bet365 Play online games gathering of potential systemic financial risks，Not conducive to high -quality economic development。This requires regulatory agencies to strengthen risk early warning prevention and control mechanisms，Encourage financial business that can effectively promote innovation -driven development，Guide enterprises to configure moderate financial assets，Help finance is to innovate "blood transfusion oxygen"。

　(Author: School of International Economics and Trade, Shanghai University of Foreign Economics and Trade; Nanjing University Business School)