Abstract: The negative impact of financialization on the high-quality economic development has arouseed attention in the business world, and theoretical researches on the motivation and consequences of financialization have also become a hot spot in academia. This paper takes the 2015—2019 A-share listed manufacturing companies as the research object to discuss what impact venture capital (VC) brings to their financialization. The results show that: (1) the higher proportion of investment a listed company receives from VC, the greater impact it will get in terms of financialization, and compared with state-owned VC, non-state-owned VC has a more significant impact on the company's financialization; (2) the driving effect of VC on non-state-owned enterprises' financialization is more significant than that on state-owned enterprises; and (3) the more competitive market a company operates in, the more significant impact VC will have on its financialization. Further analysis, from the perspective of corporate decision makers, of what impact CEO's background may have on the above mentioned relationship shows that in a company where its CEO has technical background, overseas experience, poverty experience, high level of academic qualification or a long tenure of office, the driving effect of VC on the company's financialization will be weakened or even suppressed. This paper not only reveals the impact of VC on non-financial companies' financialization, and provides a new perspective for the analysis of the motivations of non-financial companies' financialization, but also provides empirical evidence for the government to accurately introduce a policy mix against enterprises' financialization.

Key words: venture capital, real economy, financialization, market competition, CEO characteristics