Research On The Nonlinear Impact Of Financialization On Corporate Value Of China's Non-financial Listed Companies

Since the 1980 s,financialization has become an important feature of global economic development.The degree of financialization of listed companies in China has been deepening,and the trend of "de-real" to "virtual" of funds has become increasingly significant.The financialization of non-financial listed companies will affect the value of the company,and will enhance the risk linkage between the real economy and the virtual economy.The excessive expansion of the virtual economy will cause the instability of the financial system.Studying the non-linear impact of financialization of non-financial listed companies on corporate value helps to understand the micro-economic consequences of financialization,and provides theoretical basis for the government to formulate a series of economic po licies to prevent and control financial risks and revitalize the real economy.Starting from the theoretical analysis of financial development,shareholder activism and financing constraints,this paper divides the financialization of listed companies into equity financialization,asset financialization and management financialization.The principal component analysis method is used to construct a comprehensive financialization index.The panel data fixed effect model is used to study the non-linear impact of financialization of non-financial listed companies on corporate value.According to the four criteria of industry,region,ownership and degree of finance,the total sample is divided and the heterogeneity test was carried out.The main research contents and conclusions are as follo ws: firstly,using the data of listed companies in China,this paper constructs a micro-level financial index from three levels: equity financialization,asset financialization and management financialization.By calculating the ranking of comprehensive financialization degree at the industry level and the provincial level,it is found that the degree of financialization of listed companies has gradually increased in recent years.After a short decline in 2013,it reached its peak in 2014-2016.secondly,a panel data fixed effect model is constructed,and three kinds of control variables are added to study the non-linear effects of non-financial listed companies' equity financialization,asset financialization,management financialization and comprehensive financialization on corporate value.Besides,according to the four criteria of industry,region,ownership and degree of financialization,the total sample is divided and the heterogeneity test is carried out.Empirical results show that the impact of equity financialization on corporate value of non-financial listed companies is U-shaped,while the impact of asset financialization,management financialization and comprehensive financialization on corporate value is inverted U-shaped.