Research On The Influence Of Enterprise Financialization On The Development Of Listed Private Enterprises

Since 2014,China's economy has stepped into a new normal,the macroeconomic growth has been declining,the market competition has been strengthened,and the supply-side reform has been deepening.Under this economic background,the profits of the real industry are gradually declining and the efficiency of the industry is decreasing,which corresponds to the rapid development of the financial industry and the high profit return.In view of this economic phenomenon,enterprises serve the real economy through the implementation of the financial model to compensate for the declining trend of the industrial profits,but the financial model has produced the phenomenon of "de-industrialization" to a certain extent,which has affected the real economy.Running effect.Some economists believe that financialization is conducive to improving the competitiveness of enterprises,broadening financing channels and promoting the development of enterprises,while others believe that financialization reduces the industrial capital space and inhibits the development of enterprises.Based on this background,this paper studies the impact of enterprise financialization on private enterprises.Based on the principal-agent theory,Keynesian money demand theory and trade-off theory,this paper summarizes the various ways of the development of domestic and foreign enterprises' financialization,and makes a theoretical analysis of the impact of the implementation of the financialization model on the development of listed private enterprises in China.On this basis,this paper takes 50 listed private enterprises which have been financialized from 2010 to 2017 as the research object,and uses panel regression model to make an empirical analysis.The principal component analysis method is used to extract the comprehensive performance indicators of listed private enterprises,to measure the development of enterprises,and to conduct empirical analysis of enterprise financialization on enterprise development.Through the analysis,it is concluded that there is a significant inverted U-shaped function relationship between the degree of financialization of listed private enterprises and the development of enterprises.It is beneficial for the development of enterprises to formulate a reasonable ratio of financialized funds for private enterprises.However,excessive financialization will occupy the operating space of real industries and have a negative effect on enterprises.This paper puts forward corresponding suggestions according to the researchconclusions: through improving the financial market and standardizing the investment behavior of listed private enterprises,to achieve the purpose of promoting enterprise development and restraining excessive financialization of enterprises,listed private enterprises should formulate reasonable enterprise development strategy,strengthen enterprise risk control,effectively use financial industry to serve private enterprises,and provide guarantee for the development of enterprises.