Research On The Influence Of Corporate Financialization On The High-quality Development Of Enterprises

The world today is experiencing unprecedented changes,and China has entered a new stage of development.The high-quality development of economy has become the strategic goal of the future development instead of the high-speed economic growth model.Enterprises are the micro foundation of economy,so that the high-quality development of economy can not be separated from the high-quality development of enterprises.However,under a series of great changes and shocks,the real economy is facing many difficulties and challenges,which are plagued by insufficient growth power,rising costs and declining profitability.At the same time,the upsurge of financial investment caused by the shortage of financial assets continues to push up the rate of return on financial investment,which also makes the income of the real sector lower than that of financial investment significantly,and more seriously compresses the development and living space of real enterprises.Under the circumstances of high risks in industrial investment and high profits in financial investment,more and more real enterprises have a strong desire to invest in financial assets,deviating from their main business,purchasing a large number of financial products,and more and more dependent on the income of financial channels,resulting in the obvious phenomenon of corporate financialization.Obviously,there are some mismatches and contradictions between the corporate financialization and the high-quality of enterprises.However,few scholars analyzed the effect and internal mechanism of corporate financialization on the high-quality development of enterprises using a systematic and comprehensive framework.Therefore,based on the main performance of the high-quality development of enterprises,this dissertation researches the effect of corporate financialization on the high-quality development of enterprises from multiple dimensions,discussing the internal mediator and external moderator,putting forward some policy suggestions,which has practical significance.With the purpose of "comprehensively analyzing the connotation of high-quality development of enterprises,using theoretical and empirical methods to research the effect of corporate financialization on high-quality development of enterprises,ensuring the high-quality development of finance supporting the high-quality development of real economy",according to the research idea of "finding problems-analyzing problems(theoretical analysis and empirical research)-solving problems",this dissertation summarizes the related literature about the corporate financialization and the high-quality development of enterprises at first.Secondly,this dissertation comprehensively defines the connotation of high-quality development of enterprises,and describes the main characteristics and multidimensional performance of high-quality development of enterprises from four dimensions of performance,safety,efficiency and social values,and constructs the theoretical bases including the stakeholders theory,the principle-agent theory and so on.Thirdly,this dissertation empirical analyses the effects of corporate financialization on enterprises performance,financial risk,total factor productivity and social value respectively by using panel data model,mediated effect model and moderate effect model.Finally,based on logical deduction,theoretical analysis and empirical results,this dissertation puts forward policy suggestions to deal with the corporate financialization of China.This dissertation researches the effect of corporate financialization on the enterprise performance from the perspective of term heterogeneity.It is found that the corporate financialization has a positive correlation with short-term performance and a negative correlation with long-term performance through profit channels,and the relationship varies with different property rights,location and lifecycle.Furthermore,it is confirmed that being audited by the big four accounting firms,high corporate social responsibility,high financing constraints and high information transparency can significantly improve or even reverse the negative impact of corporate financialization on the long-term performance of enterprises through the moderating effect analysing.This dissertation researches the effect of corporate financialization on the financial risk of enterprises,and finds that the relationship between corporate financialization and financial risk is shown as a U-shaped curve.The non-linear relationship varies with the different types of assets,property rights,asset size and regional distribution.Furthermore,the empirical analysis which uses the mediating effect model shows that leverage path and profit path are important transmission channels.Specifically,leverage path plays a positive U-shaped mediating role in the non-linear relationship,while profit path plays an inverted U-shaped mediating role.This dissertation researches the effect of corporate financialization on total factor productivity.The empirical results show that corporate financialization restricts the improvement of total factor productivity through capital mismatch and labor mismatch,and the negative relationship varies with the financial investment category,industry type,asset scale,property right and capital intensity,and high corporate social responsibility and the audit of the big four accounting firms can significantly improve or even reverse the negative relationship,while excessive debt and diversification will aggravate the negative relationship.This dissertation constructs a evaluation system of corporate social value by using analytic hierarchy process method,and researches the effect of corporate financialization on corporate social value.The empirical results show that there is a negative relationship between corporate financialization and corporate social value,and the negative relationship is more obvious in high social value enterprises,and varies with property rights,industry types and geographical location.Furthermore,we find that high-quality corporate governance can positively moderate the negative relationship between corporate financialization and corporate social value,and internal control is more effective than external supervision.It has great significance to understand the diversified influence of corporate financialization on the high-quality development of enterprises.At present,corporate financialization has restrained the improvement of long-term performance,increased financial risk,reduced total factor productivity,and restricted the the social function of enterprises.Based on the theoretical analysis and empirical results,this dissertation puts forward corresponding policy suggestions from four aspects: government departments,financial institutions,entity enterprises and investors.The government should optimize the financial system structure,increase the support for the real economy,strengthen the prevention and control mechanism of capital idling,and improve the information disclosure system.Financial institutions should change the concept of operation and service,adjust and optimize the credit structure,and improve the efficiency of loan approval.Entity enterprises should optimize their own asset structure,actively fulfill their social responsibilities,improve and perfect the corporate governance structure.Investors should improve their professional quality,strengthen the awareness of investment risk,and play the role of external supervision.These countermeasures have important reference value to avoid over financialization,reduce or even reverse the negative impact of excessive corporate financialization,and then promote the high-quality development of enterprises and economy.