| In recent years,due to the severe overcapacity and the macroeconomic downturn,a large amount of industrial capital has gradually poured into the financial and real-estate industries with higher yields,and the virtual economy has been accelerated by this influence.The development of the financial industry has gradually separated from the real economy,and has developed idly on its own,no longer functioning as its original efficiency in improving the financing capacity,pricing,and capital operation of the real economy.Instead,it has a tendency to force the real economy to become a means of financial investment capital appreciation..Therefore,it is particularly important to understand the development process of economic financialization and corporate financialization,as well as the impacts and consequences thereof,which can help enterprises contribute to the development of financial development.Under this scenario,this paper starts from the textile industry,combines the relevant theories of corporate finance and the industrial environment of China's textile industry,analyzes the financial status of textile enterprises and its motivation.The textile industry has established a pillar industry when it was established in New China.Status has always maintained a stable and healthy development,but in the context of globalization,with the change of international trade pattern,the increase of various costs,the transfer of industrial centers,the downturn of downstream consumer demand,the reduction of economic value added,the supply of upstream cotton For reasons such as fluctuations,it is also facing the problem of slow growth and limited prospects.The degree of financialization of textile enterprises is increasing for the purpose of increasing profits,obtaining financling,using funds,coordinating strategies,and managing surpluses.Subsequently,this paper analyzes the financial performance of the financial enterprise Huamao and the risk factors faced by the company,and finds that the successful financialization of the enterprise will temporarily increase the market value of the enterprise in the short term,but in the long run,it may reduce the internal presence of the enterprise,value.Exceeding the ability of enterprises and excessive financialization will cause certain damage to the production and R&D capabilities of enterprises,but will reduce the value of enterprises.Comparing the case company with Xinye Textile,which insists on the development of the main business,this paper believes that corporate financialization will have a compound impact on corporate value from the following aspects:corporate financialization by increasing the profitability of the financial sector and reducing the operating capacity of the physical sector.Comprehensively affect the profitability of enterprises;influence enterprises to use their more conservative business strategies,thus affecting the operational capabilities of enterprises;affecting the liquidity of corporate assets by affecting the proportion of long-term assets and capital structure,thereby affecting the solvency of enterprises By encroaching on the investment capital of the entity sector,reducing the growth capacity of the enterprise entity sector,and the rapid appreciation of financial assets together affect the growth capacity of the enterprise;while reducing the business risk,it will increase the financial risks faced by the enterprise.Although proper financialization is conducive to non-financial enterprises to improve their operational quality and operational capabilities,once financial investment over-occupies corporate resources,it will result in insufficient production and investment supply for operational businesses,leading to the continued decline of the entity's main business.Therefore,corporate financialization should carry out strict risk control,pay attention to the trade-off between business risk and investment risk,better play the positive role of the integration of industry and finance,and promote the development of the main business. |
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