| As the problem of overcapacity in China's real economy is becoming more and more prominent,the entity companies are in a downturn,which makes the investment rate decline.At the same time,there is a spread between the financial sector and the real economy.In order to seek excess profits,the capital of the entity Beginning to enter the financial sector,the performance of the financial asset portfolio continues to rise,which will lead to excessive expansion of the virtual economy,and even trigger a financial market crisis.The reason for this phenomenon is that the real economy cannot absorb the surplus of production,so the physical sector has begun to enter the financial sector in order to obtain excess profits.This phenomenon occurs when there is a profit gap between the physical sector and the financial sector.Especially in recent yearSs the-real economy has been in a downturn,making investment in financial markets more attractive.Aiming at this phenomenon can lead to a series of problems.In the downward stage of China's economy,what is the motivation to promote large-scale investment in financial assets?Is there a heterogeneity in corporate financial asset allocation behavior?Will macro factors affect the financial asset allocation behavior of enterprises?This is a real problem that needs to be solved and is very important.From a theoretical perspective,because financial assets have dual attributes,it can act as a"reservoir" or as a tool for obtaining excess profits.therefore,whether large-scale allocation of financial assets of the enterprises can have a positive impact depends on the use of the financial assets.The purpose of using financial assets is to identify the motives for the allocation of corporate financial assets is an issue that needs to be solved empirically.Based on the above research background,this paper selects the normal listed companies in the CSI A-share non-financial industry from 2007 to 2018 as the sample,and the data is the annual data.In order to study the financial asset allocation behavior of enterprises,this paper first classifies financial assets.The classification criteria refer to Duchin et.al(2017)and Yan Haizhou and Chen Baizhu(2018),which are divided into two types according to two criteria:risk financial assets and Safe financial assets,as well as liquid financial assets and non-current financial assets,where the safe financial assets are manually adjusted cash assets,because a small number of enterprises account for deposit assets into other current assets.In the selection of variables,refer to Duchin et.al(2017),select the proportion of financial assets and non-current financial assets in financial assets as explanatory variables,indicating the allocation of financial assets of enterprises;the selection of financial assets in total assets.The ratio is an explanatory variable that indicates the size of the financial portfolio of the enterprise.Considering that there may be endogeneity between the size of financial assets and the internal allocation of financial assets,that is,there is a reverse causal relationship between these two variables,so two-stage least squares(2SLS)is used to eliminate this endogeneity,instrumental variables.The selection is calculated by the method of Duchin et.al(2017).Then,from the enterprise's own factors(the degree of financing constraints)and the external factors of the enterprise(inter-industry differences),the heterogeneity of financial asset allocation behavior is examined.Finally,according to the existing research,macro variables also affect the investment of enterprises.Decision-making behavior,this paper selects the growth rate of broad money M2 as a measure of the impact of monetary policy(Du Yong et al,2017;Yang Zheng et al,2017;Liu Guanchun et al,2018),and did a threshold regression analysis to verify the financial assets of enterprises above and below the threshold Does the allocation motivation vary?Other literatures only consider group regression,and do not study the threshold problem.This paper introduces the threshold model to supplement the existing research on enterprise financial asset allocation.The structure of this paper is as follows:Firstly,it introduces the theory related to the motive of financial asset allocation,and puts forward the hypothesis that the enterprise is based on the "preventive saving" motive or the "speculative" motive to carry out the financial asset allocation.Then,by establishing a model for regression analysis,in order to solve the problem of the endogeneity between the scale of financial asset portfolio and the allocation of financial assets,a two-stage least squares(2SLS)estimation is used to study the motives of corporate financial asset allocation.Investigate whether the different financing constraints and the motives of corporate financial asset allocation in different industries are heterogeneous,and use the macro variables as a supplementary study to verify whether the motives of corporate financial asset allocation are different under different macroeconomic policy environments.The conclusions obtained in this paper are as follows:(1)Starting from the motive of enterprises to allocate financial assets,this paper classifies financial assets and empirically finds that enterprises allocate risk financial assets and non-liquid financial assets out of "speculative" motives;(2)Then,from the internal and external factors of the enterprise,the impact of the degree of financing constraints and the heterogeneity of the industry on the motives of financial asset allocation is investigated.The research finds that:companies with lower financing constraints have obvious motives for "speculation",while companies with high financing constraints The motivation for "speculation" is not significant,and such companies are further driven to reduce the allocation ratio of risky financial assets to non-current financial assets when faced with higher debt ratios due to“funding difficulties";The factors are industry differences.This paper divides the sample into manufacturing and non-manufacturing.The study finds that there are obvious "speculative" motives in the allocation of financial assets between manufacturing and non-manufacturing,but in non-manufacturing,"speculation" is more It is obvious.(3)After introducing the threshold effect model,this paper finds that the year-on-year growth rate of the broad money M2 has a threshold of 13.3.When the year-on-year growth rate MP of M2 is lower than this threshold,the "speculative" motive is significant.The possible reason is that the currency at this time The policy is relatively tight,and the real economic outlook is not good.Therefore,the excess profits of the financial market will attract the real economy sector to join the financial sector.Therefore,the motive for“speculation" is more obvious.This paper points out the conclusions and puts forward the following suggestions:(l)Strengthen the supervision of financial assets held by non-financial listed companies to ensure that his fund use target is consistent with the fundraising goal,and may also consider setting a financial asset proportion as a limit to financial Separate industry from non-financial industry can achieve the goal of strengthening management.(2)Accelerate the transformation and upgrading of the real economy,consolidate the foundation of the real economy,and enable the financial sector to obtain better services and the real economy.(3)Always pay attention to the impact of monetary policy on corporate investment decisions.By considering the influence of the effect of macro-monetary policy,this paper believes that the degree of tightness of the currency,that is,the growth rate of the broad-based currency M2,has a threshold.This will have different effects on the allocation of financial assets.The empirical test shows that this threshold exists.When it is less than this threshold,the motive for"speculation" is obvious.At this time,it will have a bad influence on the entity.Therefore,the tightness of the monetary policy should be controlled within a reasonable range,so that "financialization" can promote the real economy. |
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