The Impact Of Real Enterprise Financialization On The Growth Of Enterprises

In recent years,China's manufacturing and other real economy faces a series of problems such as insufficient effective demand,the decline of investment efficiency in the real economy and lack of motivation for innovation in enterprises.However,along with this trend are the real estate and the flourishing investment in finance.The trend of financialization is becoming increasingly evident.To a certain extent,this has aggravated the contradiction between "de-industrialization" and "asset bubble." With the gradual transformation of the reform into the deep-water area,how to change the current mode of development of crude ore in manufacturing enterprises and realize the goal of enterprises The long-term and healthy development has aroused widespread concern of experts from all walks of life,and many scholars have done a great deal of research.Based on the previous researches,this paper uses the methods of induction,deductive reasoning and empirical analysis,Income fincialization and financial management of top management focuses on the impact of manufacturing financial entities on the growth of enterprises and put forward relevant countermeasures based on the conclusions of the study.The structure of this paper is divided into five chapters.The first chapter is an introduction,which mainly includes four parts:the research background and significance,the literature review and comment,the research ideas and methods,the research innovation and the characteristics.The second chapter is Concept definition and theoretical basis,in which the conceptual definition mainly introduces the entity financialization of explanatory variables and the enterprise growth of explanatory variables.In the part of theoretical foundation,this part mainly introduces the principal-agent theory,the maximization of shareholder value and the financial constraints And financial deepening theory.The third chapter is the theoretical analysis and research hypothesis.In this part,based on the theoretical foundation of previous studies,this paper presents three research hypotheses in this paper from three aspects:asset-based financialization,earnings-financialization and financialization of top management..The fourth chapter is the model construction and the empirical analysis.Here,we select the relevant variables,and carry out the descriptive statistics,the correlation analysis and the multiple regression analysis on the sample data to verify the three hypotheses test.The fifth chapter is the research conclusion and countermeasure suggestion.This paper,through multiple regression analysis,found that:(1)There is a significant inverted U-shaped correlation between asset financialization and business growth,which indicates that the proportion of financial assets with reasonable allocation of enterprises can effectively improve the growth of enterprises.However,excessively high financial The proportion of assets,eroded the operating space of industrial capital,is not conducive to business growth,the critical point of this inverted U-shaped curve for the total assets of financial assets accounted for 16%.(2)The increase of financial income restrained the growth of enterprises and passed the test of significance.(3)The relationship between financialization and corporate growth of top management also shows inverted U-shaped relationship,and it is significant that the proportion of the top management team with the chairman or general manager with academic background such as financial economy is neither too high nor too low Conducive to business growth.(4)The financial assets of enterprises in manufacturing industries with different property rights have the opposite relationship with the growth of enterprises.State-owned manufacturing enterprises show a significant inverse U-shaped relationship between the financialization of assets and the growth of enterprises.However,Private-owned manufacturing enterprises,the increase of financial assets,significantly inhibited the growth of enterprises in a short period of time,when a node is reached,it will significantly promote the growth of enterprises.