Research On The Impact Of Financialization Of Non-financial Enterprises On Industrial Investment

In the past three decades,the trend of economic financialization has gradually spread and spread abroad.Because economic globalization allows capital to flow freely around the world,the trend of financialization in China is becoming more and more obvious,and it has an increasingly important impact on the business development of enterprises.Previous scholars' interpretation of the phenomenon of financialization was based on macro and micro levels.The macro level of financialization refers to the expansion of financial markets and financial institutions.The financialization at the micro level refers to the fact that non-financial companies are increasingly involved in the related activities of financial investment,namely “enterprise financialization”.At present,China's economic structure is in a period of transition,both the entity's profit rate and investment rate are declining,and economic development has entered a new normal.Some non-financial companies have turned their eyes to the financial market in order to improve their short-term performance,hoping to drive the overall business performance of the company through financial asset investment.However,financialization is a “double-edged sword”.When financialization develops to a certain extent,it will hinder industrial investment and make the physical industry “hollow”.Therefore,it is particularly important to explore the relationship between financialization of non-financial companies and industrial investment.This paper focuses on the micro level of financialization,understands the different interpretations of financialization concepts and the different indicators used by scholars at home and abroad,and establishes a basic financial analysis system to provide a theoretical basis for subsequent empirical research.To demonstrate the relationship between the financialization of non-financial enterprises and industrial investment,from the perspective of financial income and expenditure,measure the level of financialization by financial profit and financial payment ratio respectively,empirically test that financialization of non-financial enterprises has industrial investment “Promoting effect” or “extrusion effect”;then,adding two adjustment variables of executive equity incentive and financing constraint,further deepening the significance of the adjustment effect of the regulatory variables on the two,and the direction of action;Finally,an empirical study is conducted by replacing the explanatory variables to test whether the research results are robust.The empirical results show that:First,the deepening of the degree offinancialization of non-financial enterprises has a significant “crowding out effect” on industrial investment.Secend,Regardless of whether it is from financial income or financial payment ratio,executive equity incentives enhance the negative impact between financialization and industrial investment.Third,From the perspective of financial income,financing constraints have no significant effect on the relationship between the two;however,from the perspective of financial payment ratio,financing constraints have weakened the “crowding out effect” of non-financial corporate financialization on industrial investment.From a theoretical perspective,this paper selects indicators to measure financialization from the perspective of financial income and expenditure,enriches the financial measurement index measurement system,and further improves the relevant theories of non-financial enterprise financialization and industrial investment;On the other hand,the research conclusions of this paper provide rational guidance for non-financial enterprises to allocate assets and prevent excessive financialization.On the other hand,the government revitalizes the development of the real economy,formulates policies to curb financialization,and improves financial market supervision.The mechanism provides a theoretical basis.