A Study On The Impact Of Financial Asset Allocation On The Operating Risks Of Enterprises

In recent years,with the slowdown of domestic economy and weak international demand,the main business income of many enterprises shows a downward trend.Some enterprises gradually increase the allocation scale of financial assets under the temptation of high returns in financial markets.On the one hand,enterprises obtain supplementary income sources through financial asset allocation,which is conducive to creating new profit points and cushioning the downward pressure of main industry income.On the other hand,investment in financial assets will encroach on the resources of business operations.In the long run,it may affect industrial investment,restrain technological innovation,cause excessive speculation in financial assets and other hidden dangers,and aggravate the operating risks faced by enterprises.Firstly,this paper combs the existing research of domestic and foreign scholars from the motivation,impact and results of financial asset allocation,and summarizes the influencing factors of operating risk.At the same time,it defines the relevant concepts,analyses the current situation of financial asset allocation of enterprises in China,summarizes the theoretical basis and puts forward corresponding assumptions.In empirical analysis,this paper explores the impact of financial asset allocation on operating risk from two dimensions: total scale and term structure,and considering the effect of product market competition environment.Finally,according to the results of the study,the corresponding conclusions are drawn,and suggestions are put forward from the perspective of enterprises and regulatory departments.The results of this study show that,on the whole,the larger the total scale of financial asset allocation,the greater the operating risk of enterprises.At the same time,there are heterogeneous impacts on the allocation of financial assets in different periods.Among them,holding short-term financial assets can alleviate the operating risk of enterprises to some extent,while holding long-term financial assets will aggravate the operating risk of enterprises.In addition,with the decline of product market competition,the larger the scale of financial asset allocation and the more long-term financial assets are held,the greater the operating risk enterprises face.This paper also examines the impact of financial asset allocation on the heterogeneity of operating risk under different monetary policies and financing constraints.Based on this,this paper suggests that enterprises should focus on the main business,control the scale of financial asset allocation reasonably,and standardize the internal risk control measures.Regulators can strengthen the construction of laws and regulations,improve the preferential policy system,and improve the multi-level capital market to serve the development of the real economy.