Using a sample of 2,327 A-share listed enterprises on the Shanghai and Shenzhen stock exchanges from 2010 to 2019, this study examines the impact of technical leadership on enterprise financial investment decisions and introduces main business performance feedback and financial investment performance feedback as moderating variables. The findings reveal that technical leadership significantly promotes the reduction of the proportion of financial asset investments in enterprises. Furthermore, main business performance feedback and financial investment performance feedback play a moderating role in this relationship. Specifically, negative attainment discrepancy of main business strengthens the positive relationship between technical leadership and corporate definancialisation, while positive attainment discrepancy of main business does not have a significant moderating effect. Both negative and positive attainment discrepancy of financial investment weaken the positive relationship between technical leadership and corporate definancialisation. This research not only provides theoretical and empirical supports for the role of technical leadership in guiding enterprises to “De-Virtual-to-Reality”, but also has important practical implications for promoting high-quality development of the real economy in China.
