Research On Financialization Degree And Influencing Factor Of Nonfinancial Chinese Corporations

The finance is the core component of the national economy,in modern times,the importance of financial status is more and more significant,not only can promote the development of micro enterprises,in the process of macro economic development also have the effect of the propellant,therefore,many scholars at home and abroad to finance in the economy all the more important this phenomenon is called "financialization".But at the micro level and macro level,the specific definition of financialization is different,from the macroscopic level,financialization refers to from the point of the whole society,the financial industry has been in a constant state of expansion and financial activities more and more frequent,and from the micro enterprise level,enterprises financialization refers to the modern enterprise breakthrough business began to financial markets,the specific performance in the enterprise financial statements on increasing the number of financial assets,financial products brought about by the investment profit accounted for the proportion of total profits continue to increase.After the subprime mortgage crisis in the United States in2008 triggered the outbreak of the global financial crisis,scholars at home and abroad began to pay attention to the negative impact that excessive financialization of a country may bring to the national economy.At present,China,as the second largest economy in the world,has gradually become an inseparable part of the world economic system,and the financialization trend has just begun.Although China's financialization degree is not as high as that of western developed countries such as Europe and America in general,it should also attract the attention of relevant government departments and scholars.The report of the 18 th CPC national congress clearly points out that we should firmly grasp the solid foundation of the real economy,deepen financial reform and provide a better environment for the development of the real economy.This article selects in China and all a-share non-financial listed companies as the research sample,using the data of its public financial statements,the use of enterprise financial assets accounting for the proportion of total assets as A measure of degree of non-financial enterprises financialization of financialization degree and the influence factors of non-financial listed companies in China were analyzed.In the introduction part,this paper defines the financialization of non-financial enterprises by sorting out the existing literature,and sorts out the previous scholars' research conclusions on the motivation and influence of financialization of enterprises.In the theoretical part,it mainly introduces three major theories related to the financialization of enterprises:principal-agent theory,shareholder wealth maximization theory and financial deepening and financial constraint theory,and analyzes the influence of shareholders and management on the degree of financialization of enterprises based on the three theories.In the part of status quo investigation,the status quo of non-financial enterprises in China is firstly analyzed,and the research hypothesis of this paper is put forward based on the difficulties encountered by enterprises in the process of operation.In the empirical part,this paper takes the financial statement data of all a-share non-financial listed enterprises in China from 2008 to 2017 as samples for empirical research.In this paper,the conclusions are:(1)at present,China's non-financial listed companies overall financialization degree is low,did not appear serious "take off a virtual to physical" phenomenon,but the financialization of non-financial listed companies in our country level continues to volatility,especially the rise in recent years,this kind of phenomenon should cause enough attention.(2)the lower the yield of production and operation,the higher the degree of financialization of non-financial enterprises.(3)the worse the growth of enterprises,the higher the degree of financialization of non-financial enterprises.(4)the higher the concentration of corporate equity,the lower the degree of financialization of non-financial enterprises.(5)the higher the degree of equity incentive,the lower the degree of financialization of non-financial enterprises.