Abstract: The combination of production capital and financial capital is an important form of modern enterprise development. The existing literatures generally pay attention to the impact of corporate financialization on the development of China's real economy. However, under the assumption of homogeneity, most studies ignore the heterogeneity characteristics of subdivided industries. Thus, it is necessary to conduct new researches on enterprise financialization based on the subdivided industries. The information and communication technology (ICT) industry has the heterogeneous characteristics of high innovation and high growth; its industrial heterogeneous characteristics will obviously affect the motivation and consequences of corporate financialization. The findings of the study based on the data of China's A-share listed companies from 2008 to 2019 show that the financialization of ICT enterprises does not squeeze out the earnings of enterprise entities, but increase the proportion of real income, and that its impact is mainly on serving the major business rather on breaking away from the real to the virtual. On the contrary, the financialization of the non-ICT enterprises does obviously squeeze out the earnings of the entities, and results in the decreasing ratio of the real income; its impact is mainly manifested as breaking away from the real to the virtual rather than serving the main business. It is found through examining the relative mechanisms that the heterogeneous characters of high innovation and high growth of ICT industry are the fundamental reasons why corporate financialization can serve the main business. The corporate financialization can improve the proportion of the real income of the incumbent enterprises through promoting corporate technological innovation and scale expansion; it has played a role in supporting the continuous expansion of productive capital in the ICT industry rather than the expansion of corporate book value.

Key words: ICT industry, corporate financialization, technological innovation, scale expansion, proportion of real income