| In recent years,the proportion of financial assets held by the central manufacturing enterprise is increasing rapidly.The manufacturingenterprise depend on financial income to make up for the declining of main business profits.The financialization of manufacturingenterprise is becoming more and more deepened.On the one hand,it's affected by “re-industrialization” and trade protectionism from developed countries.On the other hand,it's because the manufacturing innovation capability is inadequate.While for the continuous development of China's financial market,manufacturing enterprises especially large central enterprises strengthen the financialization trend and the preference to obtain short-term financial investment gains.It is disadvantage for the manufacturing enterprise to transform and upgrade.Although it may bring profit growth in the short term,it is not conducive to long-term sustainable development of the manufacturing enterprise.It is the future development way for our central manufacturing enterprise to maintain a moderate financialization level,return to the main business,strengthen R&D investment and develop technological innovation capability.With the increasing trend of Corporation financialization,it is particularly important to discuss the impact of financialization affecting on company performance.This paper selected the companies of central manufacturing enterprises from 2007 to 2016 as samples.I analyzed the degree and reasons of financialization,and further studied on the impact of financialization affecting on the company performance.Through theoretical analysis and empirical research,I found that it exist an inverted U relation between financialization and company performance,and figured out the reference value of the optimumfinancialization level.The research provides a reference for the enterprise financialization risk assessment indicators.It is favor to promote the long-term development of the central manufacturing enterprises. |
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