The Analysis Of "crowding Out Effect" Of Enterprise Financial Assets Allocation To Entity InvestmentManagement

In recent years,non-financial listed companies in China hold more and more financial assets,but there is no research to study the behavior of financial assets held by non-financial enterprises systematically.Firstly this paper retune the financial statements of public companies in A-share index of Shanghai stock exchange from the year of 2007 to 2016,devided both financial assets and operating assets from company's total assets and financial benefits and operation income from company's comprehensive income.It is divided into two categories: monetary financial assets and non-monetary financial assets.This paper focuses on the relationship between the types and characteristics of non-monetary financial assets held by company and the relative ratio of operating remuneration.Through the study of much panel data,the conclusion is as follows: with the intention of consolidating to its entity business investment,monetary financial assets held by the non-financial public companies and positively related to the company's operating performance indicators.However,there is a complex relationship between the non-monetary financial assets held by the company and the business indicators of the company: in the matter of reducing the operating income ratio of enterprises,it's not obvious that short-term trading financial assets held by the non-financial public companies,However,the behavior of longer term trading financial assets,investment real estate and entrusted financing held by the non-financial public companies will hinder the operation of the company visibly,reflecting the "crowding out effect" on the real economy.Results of this paper provide the new microscopic evidence for the development regulation of the financialization of non-financial companies,virtual economy and real economy hollowness.