Research On The Economic Impact Of Asset Financialization Of The Jiangsu Yanghe Winery Co.,Ltd.

Since the 21 st century,capital and financial markets are continuously developing,the income and profits of China's financial industry have continued to rise.In contrast,in the manufacturing industry,yields and profit margins have generally declined,and industry profits have fallen sharply.Affected by this,many manufacturing companies continue to increase financial investments,causing the proportion of corporate financial assets to gradually increase,leading to a trend of excessive financialization,which has many impacts on the development of corporate industries.Against this background,this article uses Yanghe shares as an example to analyze the impact of asset financialization on operating performance by combining theoretical analysis with case study.First of all,the background and significance of the research are explained in the introduction.Secondly,the theoretical basis of the article and related literature at home and abroad were explained and analyzed.The related literature including financing constraint theory,financial development theory,etc.Then,the article expounds the research ideas and methods of this article,mainly including three methods: literature research method,theorey and case analysis and research method,quantitative research method.In addition to the basic description of the concept,approach,motivation and measurement indicators of asset financialization,this article introduces Yanghe shares as a case to analyze the impact of corporate financialization on operating performance.Among them,the financialization process of Yanghe shares is divided into three stages according to the level of financialization: early,middle,and late stages.The three indicators of financial income ratio,financial expenditure ratio,and financial asset ratio are used to measure the degree of financialization of the enterprise.Conclude relevant research conclusions and give corresponding suggestions.Based on the analysis of the financial indicators of Yanghe shares,this paper draws the following conclusions:(1)the high profit of the financial industry and the high profit of the liquor industry are the main reasons for the deepening of Yanghe shares' financialization;(2)in the early stage,the financial industry will increase the utilization rate of idle funds,which will have a positive impact on the business operation,namely the "reservoir" effect.With the deepening of the financial degree,the financial behavior of the enterprise will make the overall industrial investment rate continue to decline,which will have a "crowding out effect" on the main business operation;(3)the in-depth of the financial degree of the manufacturing enterprise runs counter to the concept that finance serves the entity operation,which will affect the development of the core business profitability and innovation ability of the enterprise,and then threaten the development of main business.In general,as a manufacturing industry,yanghe stock should reasonably control the level of financialization of assets.Moderate financialization will bring investment benefits to the enterprise and have a positive impact on the development of it's core business.However,with the increasing amount of financial assets,the in-depth financialization will lead to the decrease of the amount of investment in the liquor industry,which will directly affect the profitability of the main business and the overall performance of the company,and ultimately hinder the development of the real economy.Therefore,this paper finally puts forward feasible Suggestions from the two aspects of the enterprise's own investment strategy and business plan and the relevant policies issued by the government.