| High quality economic development is an important path for China to realize the transformation of economic growth mode,and high quality enterprise development is its micro basis.To achieve high-quality economic development,it is necessary to comprehensively deepen reform and promote economic transformation.System is considered to be a fundamental,overall,stable and long-term issue related to the development of the party and the state,so system reform is the key.With the rapid development of China's economy,the market value of China's capital market has ranked second in the world.However,a large number of real enterprises have been found among investors,which makes people worry that the economy is becoming unrealistic and pushing up economic risks.Therefore,to explore the relationship between the institutional environment and the financialization of real enterprises and to provide a theoretical basis for institutional reform has become a major topic of concern and research in the current academic circles.Based on this,this paper,from the perspective of relevant subjects of enterprise investment behavior and combined with the background of China's economic transformation,selects the property right system,market exit system and cultural environment to characterize the institutional environment faced by enterprise financialization,and then carries out a detailed exploration and research.First of all,combined with the current situation of China's economic development and institutional environment,this paper refines the main problems.The fact that China's economic growth rate is slowing down and economic financialization is intensifying has aroused great concern.At the same time,China's institutional environment is constantly improving,which leads to the main research question:is there a theoretical and statistical correlation between institutional environment and enterprise financialization?And what is the relationship between them?Furthermore,from the perspective of the relevant subjects of enterprise investment,the above questions are more specific:does the current Chinese enterprise property right system cause differences in the degree of financialization of enterprises with different ownership systems?What is the relationship between the distortion of market exit system and the financialization of enterprises?And whether the cultural environment is the informal institutional motivation of enterprise financialization?The response to these problems explains the relationship between the institutional environment and the behavior of enterprise financialization,and lays a theoretical foundation for solving the problem of enterprise financialization from the perspective of institutional environment,which has great practical value,which is also the significance of this paper.Secondly,according to the above problems,this paper combs,discriminates,reviews and studies the relevant literature on enterprise financialization and institutional environment,clarifies the core concepts and research areas,and forms the corresponding theoretical logic.This paper summarizes and comments on the literature of enterprise financialization from the dimensions of connotation,measurement,motivation and effect,and combs the literature of institutional environment in detail from two aspects:the connotation evolution of institution and institutional environment and the empirical research of institutional environment.In the part of literature review and concept definition,it summarizes the different definitions and distinctions of enterprise financialization,clarifies the concept of enterprise financialization,differentiates the different research methods of institutional environment,and defines the research scope of institutional environment.On the basis of literature review,the third chapter analyzes the changes of institutional environment caused by China's economic transformation,and then expounds the evolution,current situation,institutional logic and effect of enterprise financialization from the perspective of financial institutional change.Thirdly,based on the relevant literature,research background and corresponding theories,this paper makes a detailed logical and empirical analysis of the key research problems combined with the actual situation,which mainly includes three parts:(1)Chapter Four explores the impact of enterprise property right system on enterprise financialization by taking ownership discrimination as an example.Based on the "ownership discrimination theory" and "entity intermediary theory",this chapter analyzes the logical mechanism of ownership discrimination changing the transaction cost and liquidity demand of factor contracts of two types of enterprises from three channels of bank credit,equity financing and commercial credit,and then strengthening the motivation of liquidity saving and income chasing,and puts forward the corresponding suggestions of liquidity pressure transfer and asset management finance surplus effect hypothesis.On this basis,we use panel linear model,intermediary effect model and other measurement methods to verify the relationship between property rights and enterprise financialization and the channels of action.We also use the methods of sample transformation and index reconstruction to test the robustness of the empirical results.At the same time,considering the impact of enterprise size and the importance of scientific and technological innovation,this chapter also makes a heterogeneity analysis.(2)The fifth chapter takes zombie enterprises as an example to explore the relationship between market exit system and enterprise financialization.Zombie enterprises represent the distortion of market exit system.Therefore,this chapter starts from the realistic problem of zombie enterprises,and analyzes the logic of zombie enterprises' role in reducing financial assets of normal enterprises through behavior demonstration effect and the decline of intertemporal investment incentive,combining with the classical theories such as contract theory,principal-agent theory and preventive saving theory.After dealing with endogeneity,this chapter makes a comprehensive empirical test of the above theoretical logic:first,it tests the impact of zombie enterprises on enterprise financialization as a whole,and then tests the mechanism and the difference of the effect on financial assets with different maturity structures.Also considering the importance of ownership and technological innovation,this chapter makes a group regression.After that,this chapter discusses the relationship between enterprise financialization and zombie enterprise formation from another direction,that is,whether holding financial assets will increase the probability of zombie enterprise.After considering the endogeneity,the empirical analysis uses panel logit model to examine the impact of corporate financialization on zombie enterprises from the overall level,and uses the existing literature to test the mechanism.It also conducts a regression according to the criteria of ownership and high-tech industry.(3)The sixth chapter takes Confucian culture as an example to explore the informal institutional motivation behind enterprise financialization.This chapter starts from the development process of Confucian culture,clarifies its economic research value,and accordingly selects the appropriate proxy variables of Confucian culture.Then,based on Confucian classics and thoughts,combined with the classical theories of new institutional economics,modern organization theory and behavioral economics,this paper analyzes the mechanism of Confucian culture's influence on enterprise financialization from three core dimensions:risk aversion,collectivism and high power distance,which lead to the increase of factor contract transaction cost and liquidity demand.The empirical study examines the relationship between Confucian culture and corporate financialization,and verifies its mechanism,as well as the impact on different term structure of financial assets.Considering the possible coupling effect between informal system and formal system,this chapter selects ownership and legal system for group regression;moreover,foreign culture may have an impact on traditional Confucian culture,so it is also investigated.Finally,through the above theoretical and empirical analysis,the main conclusions are as follows:(1)based on the research of property rights system and enterprise financialization,private enterprises hold more financial assets including monetary capital than state-owned enterprises.More detailed empirical analysis also shows that the property right attribute of enterprises is negatively related to the degree of enterprise financialization,and financing discrimination is the intermediate mechanism,which confirms the existence of liquidity pressure transfer.Moreover,the mechanism test also finds that the difference of transaction cost and liquidity demand caused by the difference of property right attributes is mainly reflected in bank credit and commercial credit channels,while equity financing channels are not obvious in the statistical sense.In the verification of income motivation,this paper finds that the income gap between financial investment and entity investment of state-owned enterprises is larger,so they hold more financial assets,which indicates that the capital surplus effect does exist,that is,under the condition of normal operation,state-owned enterprises invest more surplus funds in finance due to the large gap between financial income and entity income However,the effect of liquidity pressure shifting under the preventive saving motivation is greater than that.In the robustness test of taking the term structure of financial assets into account,using sample transformation,replacing the measurement index of enterprise financialization and quantile regression,the main conclusions have not changed.The heterogeneity analysis of firm size and high-tech attributes further confirms the existence of liquidity pressure shifting.(2)In the research of exit system and enterprise financialization,this paper uses zombie enterprises to characterize the distortion of market exit system.Based on the consideration of endogeneity,it is found that the higher the influence of zombie enterprises,the lower the level of financial assets held by normal enterprises in the industry.Zombie enterprises mainly promote normal enterprises to reduce their holdings in order to flow through behavior demonstration effect and intertemporal investment incentive decline Financial assets held with the purpose of saving.The research on the term structure of financial assets also finds that zombie enterprises mainly promote normal enterprises to reduce their holdings of short-term financial assets with strong liquidity,which further supports the above conclusion.In the quantile regression,substitution empirical method,substitution financialization and zombie enterprise indicators,and the use of instrumental variables,the main conclusions have not changed.Turning the research perspective from the market to the enterprise itself,this paper finds that financialization will increase the probability of zombie,and it is mainly because the enterprise financialization crowns out the main business investment and innovation investment,and weakens the competitiveness and innovation abillity of the enterprise.But at the same time,the research also shows that the enterprise financialization will reduce the business risk,and then avoid zombie.The robustness test of the indicators of the substituted explanatory variables and the explained variables shows that the corresponding results are robust.(3)The research on Confucian culture and enterprise financialization finds that the more Confucian academies centered on enterprises in a certain range,the higher the degree of enterprise financialization,which proves that Confucian culture is the internal motivation of enterprise financialization.Further research also finds that compared with long-term financial assets,Confucian culture has a greater impact on short-term financial assets with stronger liquidity,which indicates that enterprises with greater influence from Confucian culture value the liquidity of their financial assets more than their earnings.The mechanism test shows that the strong risk aversion,collectivism and high power distance in Confucian culture can indeed strengthen the preference of financial investment.Moreover,the heterogeneity analysis also shows that Confucian culture has a more obvious effect on state-owned enterprises,and there is a substitution relationship between Confucian culture and legal system,and it is also affected by the impact of foreign culture.Based on the conclusion,this paper puts forward the corresponding countermeasures and suggestions:(1)deepen the reform of property rights system.Policy makers should introduce policies and "label" their ideas;improve mixed ownership and encourage diversification of enterprise property rights.(2)Reform the financial system.Policy makers should introduce policies to weaken the consideration of property rights when financial institutions provide financial resources;further liberalize the property rights restrictions in the financial field;and improve the credit approval and rating system.(3)The government should speed up the disposal of zombie enterprises and improve the market exit system.In dealing with zombie enterprises,the government should take zombie enterprises and enterprise financialization into consideration,formulate comprehensive response plans and policies;in dealing with zombie enterprises,the government should pay attention to the information disclosure of zombie enterprises;take market-oriented measures to deal with zombie enterprises as far as possible,and avoid one size fits all.(4)Sublate and innovate traditional culture to create a good soft business environment.Policy makers should introduce corresponding policies to deal with the financialization of enterprises based on the cultural background,and attach importance to the role of informal institutions such as culture as an alternative mechanism embedded in the socialist market mechanism and regulating economic and social development.(5)Enterprises should build a good relationship between banks and enterprises,reduce the dependence on credit financing and increase the proportion of equity financing.(6)Enterprises should rationally allocate resources,reduce dependence on financial investment and give full play to their endowment advantages.(7)Enterprises should consider the corporate governance effect of culture and shape their own corporate culture... |
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