Real Enterprise Financialization' Impact Analysis On The Real Economy

In recent years,China's real economy has been developing rapidly,but the ratio of the real economy to GDP has been decreasing continuously since 2005,while the ratio of the scale of the financial industry and the real estate industry to GDP has been rising continuously.The development of the real economy market and the financial market has appeared New Normal.At present,the real economic growth is slowing,structural problems are more prominent,the financial market and the real economy investment yields a significant gap,entity enterprise through financial and real estate market allocation the phenomenon of financial assets,enterprise financialization trend more obvious,dislocation entity enterprise investment has a larger influence on the development of the real economy.The phenomenon of economic financialization sectors and entity economy development dilemma has received extensive attention of the government,and put forward the reform of the supply side,in 2015 to boost the real economy,put forward the financial sector in 2018 to serve the real economy,in 2019 two sessions on Xi general secretary to further emphasize the entity business.Therefore,it is particularly significant to deeply analyze the main business operation and financial investment status of real enterprises,study the motivation and degree of financialization of real sectors,analyze the specific impact of financialization on real economy and the role of credit market in this process.This paper is divided into five chapters.The first chapter is the introduction.This paper mainly introduces the research background,significance,content,method,innovation and research shortcomings of the paper,and summarizes the relevant literature at home and abroad.The second chapter is the theoretical basis of this paper and the analysis of conduction path.This paper first introduces the definition,measurement method,status quo,conditions and characteristics of financialization of the real sectors.The third chapter is the main model design.According to the model assumptions,appropriate samples and variables are selected,and then the fixed effects panel data model is designed.The fourth chapter is the empirical result analysis.The empirical results are obtained by grouping the whole industry,sub-industry and credit market regulation effect of the real economy.The fifth chapter is the conclusion analysis and the countermeasure suggestion.According to the results of the model in chapter 4,the conclusion is summarized,and finally,on the basis of the conclusion,this paper puts forward some policy suggestionsIn this paper,data of a-share listed real companies in Shanghai and Shenzhen from 2008 to 2017 were selected as samples to construct the double-fixed effect panel data model.The empirical results show that the financialization of real enterprises has a significant short-term restraining effect on the development of enterprises.At the same time,financialization has an impact on heterogeneity among different industries.Manufacturing industry is significantly inhibited in the long term and short term,while mining industry,information industry and transportation industry are significantly impacted by short-term extrusion,but not significantly in the long term.Under the background of easy credit environment,real enterprises are more motivated to allocate financial assets.The easy credit environment magnifies the crowding out effect of the financialization of real enterprises on the real economy.The regulatory effect of shadow banking is long-term,while the short-term impact of bank credit is more significant.Finally,this paper puts forward different Suggestions for enterprises and the government according to the research conclusions.For example,it suggests that enterprises should improve corporate governance based on enterprises,strengthen internal capital constraints and control the degree of financialization,and make appropriate development plans according to the industry characteristics of enterprises.It is suggested that the government should support the development of the real economy and promote the Made in China 2025 Plan,strengthen the supervision of the financialization of the real economy,improve the structure of the financial market and create a sound financial environment,so as to achieve a virtuous circle between finance and the real economy.