Research On The Degree Measurement And Micro Influencing Factors Of Chinese Enterprises' Financialization

Since the reform and opening up 40 years ago,China's economy has achieved rapid development,but at the same time it has accumulated a series of financial risks.The 2008 international financial crisis has made us deeply realize the important role of the financial system in economic operation.In this context,the Chinese government has implemented financial reforms to strengthen supervision for preventing systemic financial risks.Although the financial regulatory situation is becoming more and more strict,enterprise financialization has become an irreversible trend due to the financial liberalization and differences of inter-industry returns.As the financial investment behavior of enterprises has become increasingly active,the phenomenon of “enterprise financialization” has received much attention.From a micro perspective,this thesis firstly discusses whether Chinese enterprises are excessively financialized,and then deeply analyzes the internal causes of Chinese enterprises' financialization,expecting to provide practical reference for enterprise development and government supervision.After clarifying the micro-mechanism of enterprise financialization,this thesis takes the data of a-share listed companies from 2007 to 2017 as the sample.Firstly,this thesis describes the changing trend of Chinese enterprise financialization,and then attempts to construct a comprehensive way to measure the degree.We come to a conclusion that Chinese enterprises have not yet experienced excessive financialization,but we need to strengthen supervision over the real estate,wholesale and retail industries and cultural communication industries.Finally,this thesis empirically analyzes the influence direction and degree of three micro factors on the financialization of Chinese enterprises: the operating status of main businesses,the concept of maximization of shareholder value,and the life cycle of enterprises.Research shows that enterprise financialization is most affected by the conditions of main business operation,and it has a U-shaped nonlinear relationship with the main business operating rate and a negative linear relationship with the main income growth rate;it is influenced by its life cycle secondly,the positive correlation between them indicates that the enterprise's allocation of financial assets is based on the “reservoir motivation”;To some extent,the concept of shareholder value maximization deepens the degree of financialization,but the influence degree is weak;In addition,the influence of micro factors on different degrees of financialization and different industries is heterogeneous.In the end,four suggestions are put forward.