Research On Correlation Between Financial Asset Allocation And Corporate Value Of Manufacturing Listed Companies

As China’s economic financialization continues to deepen,financial assets have become an important part of the assets of the entity,which has an important impact on the creation of corporate value.This paper analyzes the existing literature and summarizes the research results of the predecessors,and proposes to classify the financial assets held by the listed companies in the manufacturing industry at the micro level,and distinguish the motives for holding financial assets,and apply the relevant theoretical basis for manufacturing.The theoretical analysis of the relationship between the financial asset allocation and the company’s value of the listed companies is carried out.The Chinese manufacturing A-share companies from 2008 to 2017 are selected as the research samples to construct the panel regression model,and the financial assets allocation of the listed companies in the manufacturing industry is obtained through empirical analysis.The relationship between company values.On the basis of analyzing the relationship between the financialization of listed companies and the company’s value from the aspects of capital reserve and market arbitrage,this paper classifies the holding nature of the research samples,and studies the state-owned manufacturing listed companies and non-state-owned manufacturing industries.The impact of the financialization of listed companies on the value of the company,the difference in the degree of financialization of listed companies with different equity properties,and the correlation coefficient between the degree of financialization of the listed companies with different holdings and the value of the company And analyze the reasons for the existence of this difference,summarize the research conclusions and put forward relevant policy recommendations.Through empirical evidence,this paper finds that under the motive of capital reserve,the allocation of financial assets by listed companies in manufacturing industries can help alleviate financing constraints and increase company value.On this basis,the classification of research samples is classified.The study finds that under the motive of capital reserve,the correlation between financial asset allocation and corporate value of non-state-owned manufacturing listed companies is stronger than that of state-owned manufacturing listed companies.By constructing different models of financial asset holding motivation,this paper studies the impact of financial assets allocation of listed companies with different holding properties on company value,deepens the research on micro-level financialization and its consequences,and reflects non-state-owned manufacturing.The financing constraints faced by listed companies provide a theoretical basis for the company’s management to rationally allocate financial assets and promote the development of business operations.On the other hand,it provides policy recommendations for the government to formulate policies to prevent financial risks and to curb the real economy.