Analysis Of Influencing Factors Of Corporate Financial Asset Allocation

The issue of economic financialization has received widespread attention in recent years,and scholars have made a series of results in their research on the issue of financialization.Studies have shown that economic financialization will lead to a reduction in the growth rate of the real economy,crowd out real investment,and decline in social stability.With the deepening of research,scholars gradually set their sights on the financialization of micro-enterprises.The study found that there are two motivations for companies to allocate financial assets,namely,the "reservoir" motivation for corporate reserve liquidity and the alternative motivation to obtain high returns by replacing operating assets.The impact of financialization on enterprises is mainly in two aspects,that is,financial assets as corporate investment reserve funds ease financing constraints and financial investment squeezes out the physical investment of enterprises and reduces their operating profits.This paper selects the data of A-share non-financial listed companies from 2004 to 2018 for statistical analysis.The study finds that the financialization of listed companies in China is on the rise as a whole.In the past 15 years,the number of companies that allocated financial assets has nearly doubled,and total financial assets have increased nearly 20 times.According to the classification of property rights,it is found that the proportion of financial assets allocation of state-owned enterprises is higher than that of non-state-owned enterprises.According to industry classification statistics,it is found that the proportion of financial assets allocated by labor-intensive enterprises is the highest,that is,the highest degree of financialization,followed by technology-intensive enterprises and capital-intensive Business.This article selects the data of 887 A-share non-financial listed companies from2008 to 2018,and uses empirical research to study the factors affecting the allocation of financial assets of enterprises using a fixed effect model.The empirical results show that the allocation of financial assets by enterprises is mainly for substitution motivation.Factors that affect the allocation of corporate financial assets are the macroeconomic cycle,the generalized currency amount,the activeness of the realestate market and the stock market,the financing constraints the company faces and corporate governance.During the economic upswing,the booming stock market and the active real estate market will increase the company's financial asset allocation scale.At this time,the investment opportunities and profits of the company will increase,and the company will have more funds to allocate financial assets.Financing constraints will reduce the allocation of financial assets of enterprises,and companies with a good corporate governance environment will allocate more financial assets.The empirical results in this article also show that compared with the company's internal operating governance,the external economic environment and the financial real estate market environment have a more significant impact on the company's financial asset allocation.Based on the above empirical conclusions,the government should further expand the opening up of the financial industry,deepen financial reforms,strengthen financial supervision,and make the financial industry better serve the real economy.Enterprises should rationally allocate financial assets and operating assets,improve corporate governance mechanisms,and give full play to the role of "reservoir" of financial assets,so that they can serve the value of the enterprise,and should not only pursue high returns brought by financial assets.