Research On The Impact Of Financialization Of Manufacturing Enterprises On Their Operating Performance

Economic financialization describes the shift of the capitalist economic center of gravity from the production sector to the financial sector,which has had a major impact on the economy in both macro and micro aspects.From the perspective of China's economic development,the development of the financial industry started late,but it is developing rapidly,and various financial innovation products are emerging one after another The contribution rate of financial income to GDP has increased year by year.However,due to a series of problems such as overcapacity and backward technology,the financial enterprises served by the financial industry have led to a sharp decline in the rate of return on investment,especially in the traditional manufacturing industry.The profitability of capital has enabled non-financial enterprises to invest in the financial industry.Produce the problem of the real problem of capital.Based on this,the research in this paper focuses on the impact of financialization of manufacturing enterprises on their business performance,and considering the existence of financing constraints,whether the issue of financing constraints will affect the impact of financialization of manufacturing enterprises on business performance.First of all,based on the"Penman-Nissim Analysis Framework",this paper distinguishes the business activities and financial activities of enterprises,and thus constructs financial indicators and operating income indicators.Secondly,in terms of model construction,based on the previous studies,we have added the interaction between financialization and R&D innovation and entity investment rate,and the secondary term of financialization to study the nonlinear relationship between financialization and business performance.Finally,the research in this paper finds that the manufacturing industry's current operating results and the financialization show a "U"-type relationship.In general,financialization will inhibit the company's current operating results,showing speculative effects.Secondly,whether or not there is financing constraint does not affect the impact of corporate financialization on current operating results,but it will aggravate the inhibitory effect of financialization on the investment,and confirm the investment motive of financialization of manufacturing enterprises.And by dividing the enterprise into a high industrial investment group and a low industrial investment group,it is found that in the low main investment,financialization will intensify the effect on the business performance by affecting the industrial investment,but in the high main investment group,financialization does not have that effect.In the classification of manufacturing by factor-intensive,it is found that financialization mainly affects technology-intensive enterprises and capital-intensive enterprise.Based on this,this paper puts forward the following suggestions:first of all,improve the financial supervision system,curb excessive speculation;then,promote enterprise transformation and upgrading,improve the return on investment of entity enterprises;finally,build a modern corporate governance system,alleviate company agency problems.