| Since the middle of the last century,the financial industry has become a pillar industry in developed economies,becoming the core of the modern economy.The free flow and accumulation of financial capital has increased capital profit margins,while strengthening financial strength,pushing "financialization" to an important position in leading economic growth.Unlike traditional financial theories that emphasize the regulatory role of finance in the macro economy,"financialization" not only shows the expansion behavior of micro financial institutions,but also reflects the trend of gradually shifting the focus of economic growth from the production field to the financial field.The refined division of labor and optimized allocation of resources brought about by globalization have enabled the industrial development of developing countries to be deeply integrated into the global industrial chain.As a typical representative of countries with transition economies,China is accelerating its integration into the world economic system and becoming the largest manufacturing center in the global value chain system,which has also affected and affected China by the wave of global financialization.In the past decade,whether viewed from a macro,medium,or micro perspective,China’s "pan financial industry" has experienced a relatively obvious expansion process,which is in sharp contrast to the contraction and downward trend of the real economy sector.However,the real economy is the source of social wealth growth,and economic and financial prosperity divorced from the development of the real industry will only be a tree without roots and water without a source.Therefore,coordinating the relationship between the virtual economy and the real economy,guiding finance to play its role as a lubricant to the real economy,avoiding excessive financialization and "crowding out" the real economy,and preventing the economy from "shifting from reality to emptiness" are crucial to achieving high-quality economic development in China.As the main body of the real economy,enterprises are the main participants in building a modern industrial system,and are the core pillar and important force in building a high-level socialist market economic system.China is currently in a critical period of integrating corporate social responsibility with modern management practices.Enterprises promote modern social governance through social responsibility practices,with the essential goal of creating multi-dimensional social shared value.With the continuous expansion of business scale,enterprises have begun to pay more attention to assuming social responsibility to respond to the growing demand for high-quality development of human economic society.This article takes corporate financialization as the research topic,selects CSR as the starting point of the research perspective,and studies the impact of CSR on corporate financialization from two paths: governance effect and agency effect.It analyzes and verifies whether CSR is an effective mechanism for optimizing corporate internal governance or a hidden tool for covering up principal-agent issues.Specifically,this article takes listed companies in China as the research object.It first analyzes the motivation of corporate financialization from a macroeconomic perspective,and then explores the impact of corporate social responsibility on corporate financialization,as well as the specific mechanism of the two.After that,we further tested the motivation of corporate financialization from a micro financial perspective,and examined the economic consequences of corporate financialization.The main research conclusions of this article are as follows:(1)First of all,from the perspective of macroeconomic cycle and macroeconomic monetary environment,there are two motivations for the financialization of non-financial enterprises in China: "reservoir" and "investment substitution",with "reservoir" motivation dominating.At the same time,from the perspective of the category characteristics of financial assets allocated by enterprises,the main motivation for enterprises to allocate cash and liquid financial assets is "reservoir",while the "investment substitution" motivation for enterprises to hold long-term financial assets or invest in real estate is more obvious.Secondly,by analyzing the impact of corporate social responsibility on corporate financialization,it is found that companies with good corporate social responsibility will allocate more financial assets,strengthen the "reservoir" motivation for corporate financialization,and the increased financial assets are mainly cash and short-term bonds.Finally,through a multidimensional test of corporate social responsibility,it is found that shareholder responsibility strengthens the "investment substitution" motivation of financialization;Employee responsibilities,supplier and consumer rights responsibilities,and environmental responsibilities all strengthen the "reservoir" motivation of financial service entities;Public welfare responsibility has no significant impact on corporate financialization.(2)Corporate social responsibility significantly alleviates corporate financing constraints by improving corporate content information environment governance and enhancing corporate reputation.When corporate financing constraints are reduced,companies will increase the allocation of financial assets.Distinguishing the types of financial assets,it is also found that after easing the financing constraints of enterprises,they will hold more cash or short-term financial assets for preventive savings,rather than long-term investment financial assets.In addition,this article also finds that financing constraints play a partial intermediary role in the process of corporate social responsibility promoting the "reservoir" of corporate finance.The above conclusions provide a useful complement to the micro motivations of corporate financialization when the macroeconomic and monetary environments are the same.In addition,this article further analyzes the impact of capital cost and financing scale,and finds that corporate social responsibility can significantly reduce the weighted capital cost and debt capital cost,and can also significantly increase the scale of debt financing,thereby playing a role in alleviating financing constraints.(3)Firstly,the impact of corporate social responsibility on corporate financialization is characterized by heterogeneity: in non-state owned,low equity concentration,and declining performance enterprises,the governance effect of corporate social responsibility is more obvious,and the promotion effect on financialization is more significant.Secondly,the economic consequences of the financialization of non-financial enterprises in China are mainly reflected in the "feedback effect" rather than the "crowding out effect",that is,the higher the degree of enterprise financialization,the better the future main business performance of physical enterprises.Finally,this article further explores the impact mechanism of corporate financialization on entity development.The study found that as a lubricant for the development of the real economy,liquid financial assets promote enterprise innovation and alleviate the lack of operational cash flow,resulting in a significant "feedback effect";Long-term financial assets and real estate investments are prone to "crowding out" physical operating investments,thereby reducing the performance of enterprises’ main businesses. |
