The Influence Of Term Allocation Of Financial Assets On Systematic Risk Of Stock Price

After the outbreak of the financial crisis in 2008,the trend of China's economic financialization has also continued to deepen.Based on the different motivations for maturity allocation of financial assets,this paper studies the impact of short-term financial assets and long-term financial assets on systemic risk of enterprises based on the capital asset pricing model.In addition,this article will make a further study on the impact of corporate financial asset term allocation from the perspective of corporate size and property ownership,and try to analyze and discuss the impact mechanism using the theory of reservoir effect and extrusion effect.This article uses the panel data of A-share non-financial listed companies in Shanghai and Shenzhen in 2009-2018 to examine the impact of financial asset maturity allocation on corporate systemic risk,and further examines the impact of corporate financialization on corporate systemic risk among enterprises with different scales and different ownership systems.This article draws the main conclusions as follows.First,as a whole,the motivation for companies to allocate financial assets is to maximize profit.The greater the total amount of financial assets,the greater the system risk of the enterprise.Secondly,according to the motivation for maturity allocation of financial assets,short-term financial assets exert reservoir effect,which will reduce the systemic risk of enterprises.Long-term financial assets exert extrusion effect,which will increase the corporate systemic risk.Third,in small and medium-sized enterprises,the allocation of shortterm financial assets has more significant reservoir effect on enterprise systemic risk,and the allocation of long-term financial assets has more significant extrusion effect on enterprise systemic risk.In private enterprises,the allocation of short-term financial assets has more significant reservoir effect on corporate systemic risk,and the allocation of long-term financial assets has more significant extrusion effect on corporate systemic risk.