Research On The Motivation Of Entity Enterprise Financialization And Its Impact On Enterprise Value

The disconnection between financial market and real economy is a hot topic in China's economic development,and it is also an urgent problem to be solved in the structural reform of China's financial supply side.In recent years,China's entity enterprises have invested in financial assets on a large scale,but reduced their investment in the main business,which is bound to have a negative impact on the overall investment efficiency and enterprise value.Therefore,it is of great significance to study the motivation of the financialization of real enterprises and its impact on the value of enterprises.This paper chooses A-share listed companies from 2010 to 2017 as the analysis sample.Firstly,the fixed-effect model is used to empirically test the motivation of real enterprise financialization from two dimensions: market arbitrage motivation and fund management motivation.Secondly,in order to solve the endogenous problem,this paper analyses the impact of real enterprise financialization on enterprise value and the intermediary effect of investment efficiency through System GMM.Considering that variables are not simple linear relations,this paper constructs a model to test the non-linear relationship.Finally,the threshold regression model is used to explore the structural impact of different financing constraints on the relationship between real enterprise financialization and enterprise value.The empirical results show that: firstly,the motive of real enterprises to invest in financial assets is market arbitrage.Secondly,there is an inverted U-shaped relationship between the degree of real enterprise financialization and enterprise value.Investment efficiency plays an intermediary role in the process of real enterprise financialization affecting enterprise value.Thirdly,with the change of the intensity of financing constraints,the relationship between the degree of financialization and the value of enterprises will change structurally.When financing constraints are high,the degree of financialization has a positive impact on enterprise value;when financing constraints are low,the degree of financialization has a negative impact on enterprise value.