A Study On The Financing Of Xinjiang's Non-financial Listed Companies

In recent years,the proportion of financial assets held by non-financial listed companies in our country has been increasing day by day,and they constantly rely on financial returns to make up for the deficiencies of main business profits,which makes the degree of financialization of listed companies deepen step by step,showing a trend of the listed companies from the real to the virtual.Influenced by the "reindustrialization" and trade protectionism of developed countries,as well as the insufficiency of innovation ability of Chinese enterprises,the technological bottleneck of enterprise transformation has not yet been broken through.Although the national fiscal stimulus has stimulated demand growth and improved industry profitability,after the fiscal stimulus receded,the problem of overcapacity began to emerge.With the continuous development of China's financial market and the virtual high return of financial investment,the trend of financialization of listed companies has been strengthened under the background of the big trend.Non-financial listed companies increasingly prefer financial investment to obtain short-term returns.It can be understood that although excessive financialization of listed companies is not conducive to the transformation and upgrading of all walks of life and technological innovation in China,it can bring performance growth to listed companies in the short term,which is not beneficial from the long-term sustainable development.For China's non-financial listed companies as a whole,maintaining a moderate level of financialization,returning to the main industry and strengthening R&D investment and technological innovation are the real future development path.In recent years,with the acceleration of the pace of financial market development,the activity has been increasing.The proportion of financial assets held by non-financial listed companies in Xinjiang is gradually rising,and they begin to rely on financial returns to make up for the deficiency of main business profits.The degree of the company's financialization is deepening,and non-financial listed companies are increasingly showing a trend of de-facto to virtual.As far as other types of investment are concerned,financial assets investment faces more risks or the amount of capital invested are higher.Once the investment decision-making errorsoccur,it makes the main business of the company difficult to develop.Considering that the company needs long-term development,then the main business must be the key to maintain and continuously improve the core competitiveness of listed companies.If a huge amount of resources are invested in non-main business,it inevitably affect the long-term development of the main business of listed companies to a certain extent.From the perspective of financialization of non-financial listed companies,this paper first defines the concept of financialization of non-financial listed companies,and combs the relevant literature on financialization of non-financial listed companies at home and abroad,in order to accurately grasp the nature of non-financial listed companies,and comprehensively grasp the research status of this issue at home and abroad,so as to better the following.The study provides the necessary theoretical basis and reference experience.This paper starts with the definition of financialization of non-financial listed companies from two aspects.On the one hand,it explains that the financialization of non-financial listed companies means that non-financial listed companies increasingly rely on the investment of financial assets to obtain high returns;on the other hand,it explains that the financialization of non-financial listed companies means that non-financial listed companies bring large financial returns through financial investment activities,thus making it possible for non-financial listed companies to achieve high Financial assets that bring financial returns account for a considerable proportion of total assets,and financial returns become an important part of the source of total profits.Secondly,through describing the content and characteristics of the financialization of non-financial listed companies,and choosing the two indicators of financial assets holding rate and the proportion of financial returns to measure the degree of financialization of non-financial listed companies in Xinjiang at present,at the same time,it also explores the influencing factors of the financialization of non-financial listed companies in Xinjiang from the theoretical level;finally,according to a large number of previous theories.On the basis of the analysis of relevant literature,this paper chooses relevant variables that affect the financialization of non-financial listed companies,and selects 50 non-financial listed companies in Xinjiang for empirical research.Through the description of the current situation and empirical analysis,we can find that:(1)the level of financialization of non-financial listed companies in Xinjiang has been in fluctuation,the overall level of financialization is relatively low,and for serious deviation from the main business,but showing a gradual increase in the level of financialization;(2)generally speaking,for non-financial listed companies,the return on net assets is higher.Low,the higher the degree of financialization of non-financial listed companies;(3)The lower the degree of equity concentration of listed companies,the higher the degree of financialization of nonfinancial listed companies.Based on the theoretical analysis and empirical analysis,this paper puts forward some effective suggestions on the management of nonfinancial listed companies in Xinjiang.