Research On The Influence Of Financial Asset Allocation On The Operating Performance Of Listed Companies

Under the background of the financialization of China's economy,it is an important problem for China's non-financial listed companies how to make finance effectively serve the real economy and improve their operating performance.This paper theoretically analyzes the impact of financial asset allocation on corporate performance by easing financing constraints mechanism and capital arbitrage mechanism,using panel data of A shares non-financial listed companies from 2007 to 2018.The financial asset will be divided into the trading financial assets,financial assets entrusted loans,financial products and trust products,long-term equity investments in financial and investment real estate.This paper does a descriptive statistical analysis of non-financial listed companies developing trend of the financial asset allocation from the total amount and structure of listed companies and uses bidirectional fixed effect model to test the effect of financial asset allocation of listed companies on the operating performance.Based on the two kinds of influence effects of financial asset allocation on corporate performance,it is considered whether the strength of the two effects will be different due to different growth opportunities and different degrees of government intervention,then the threshold panel model is used to analyze the different influence of financial asset allocation on business performance under different growth opportunities,and the regulating effect of government intervention on the influence of financial asset allocation on the business performance of listed companies was analyzed.Results show that firstly,the total amount of financial assets allocated by non-financial listed companies in China is on the rise,but the proportion of allocation is on the decline in recent years.Among the four types of financial assets,the total amount of trading financial assets is the highest.Secondly,financial asset allocation of non-financial listed companies has a negative impact on their business performance,and different types of financial assets have different significant impacts on their business performance.Research based on the heterogeneity of companies shows that the influence of financial asset allocation onbusiness performance varies with the size of companies and the degree of factor density of the industry.Thirdly,growth opportunities will have a threshold effect on the influence of financial asset allocation on business performance and when the company is faced with a low growth opportunity,the allocation of financial assets has a negative impact on the company's operating performance,while when faced with a high growth opportunity,the allocation of financial assets has a positive impact on the company's operating performance,Fourthly,government intervention will regulate the effect of financial asset allocation and too much government intervention will further amplify the negative impact of financial asset allocation on business performance.Therefore,it is necessary to implement various policies and measures,optimize the proportion of financial assets allocation according to the specific situation of the company,and promote the improvement of business performance.The research conclusion of this paper,on the one hand,can provide theoretical basis for the government to formulate relevant policies to revitalize the real economy;on the other hand,it can guide the managers of the company to reasonably allocate the proportion of financial assets and make financial assets better play the "reservoir" function to serve the company's operation and development.