Research On The Impact Of Financial Assets Allocation Of Listed Companies On Industrial Investment Rate

The phenomenon of financial deepening is increasing.At the macro level,the proportion of the financial sector in GDP has increased year by year.In 2018,China's financial industry accounted for 6.6% of the national GDP.In the same year,the US financial industry accounted for only 6%.At the micro level,non-financial listed companies have arranged financial assets and participated.Financial market activities and access to financial gains.The higher the proportion of financial assets to total assets and the more income from financial channels,the deeper the allocation of financial assets of listed companies.As of December 31,2018,the number of financial assets allocated by non-financial listed companies in China reached 2,965 meaning that more than 90% of listed companies have allocated financial assets to varying degrees.The proportion of total financial assets held by listed companies in total assets has also increased year by year since 2010,reaching 4.17% in 2018;the proportion of financial channel profits to operating profits has also gradually increased from 3.74% to 10.09%.At present,China's economic development has entered a stage of adjustment and shifting in transformation and upgrading.The slow growth of internal demand has made the real economy more difficult.The attractiveness of industrial investment,which has been continuously reduced in profits,has been weakened by listed companies.The specific performance is that the industrial investment rate of listed companies in volatility was only 5.51% in 2018.Under the background of the deepening of the financial assets allocation of listed companies,the industrial investment rate is declining.Is this change coincidentally or is there an intrinsic link? Are non-financial listed companies in the financial market that is too profitable and flourishing,whether there is mismatched funds,and the funds that should be invested in fixed assets and intangible assets to improve production and operation efficiency are used to hold financial assets? General Secretary Xi attaches great importance to the development of the real economy and has repeatedly stressed that the real economy is the capital of the country.Therefore,studying the impact of the financial assets allocation of listed companies on the industrial investment rate will help to correctly understand the economic consequences of the allocation of financial assets by listed companies.Helping the economy to transform and develop.In order to clarify the mechanism and specific impact of listed companies' financial asset allocation on industrial investment rate,this paper selects 1154 non-financial listed companies as samples in 2007-2018,starting from the motives of listed companies holding financial assets,and using financial channel income(using business The investment income after the standardization of profits,the gains and losses of changes in fair value and other comprehensive incomes are used as explanatory variables to characterize the financial assets allocation of listed companies,and the investment rate of industrial investment(standardized investment in fixed assets,intangible assets and other long-term assets)Cash measurement)is the explanatory variable,based on the FHP model,establishes a two-way fixed effect model,and analyzes the impact of listed company's financial asset allocation on the industrial investment rate through the full sample and the group return according to asset size.On this basis,the micro-level enterprise operating rate index and the macro-level economic policy uncertainty index play a regulatory role in this impact.According to theoretical analysis and empirical research,the paper draws the following conclusions:(1)For China's A-share non-financial listed companies,the financial assets allocation of listed companies is mainly due to market arbitrage motives,and the company's industrial investment rate has produced significant The negative impact,that is,the income obtained by non-financial enterprises from financial channels is not used for industrial investment but is returned to the financial market,which indicates that there is a certain degree of non-financial listed companies in China;(2)For the first time,considering the micro and macro aspects,it is helpful to alleviate the extrusion effect of the listed company's financial asset allocation on the industrial investment rate.At the micro level,the growth of the operating rate of listed companies can effectively alleviate the crowding out effect of the company's financial asset allocation on the industrial investment rate in the long run;based on the macro level,reducing the uncertainty of economic policies will significantly weaken the company's financial asset allocation to industrial investment.The suppression of the rate;(3)The impact of the allocation of financial assets on the investment rate of the listed companies with different asset scales is also different.The larger the assets of a listed company,the weaker the squeeze effect of financial asset allocation on the industrial investment rate.At the same time,the positive adjustment effect of the operating rate on the negative effect will be more obvious.The uncertainty of economic policy will be squeezed out by the allocation of financial assets.The negative adjustment effect of industrial investment rate is weaker.In addition,the paper finds that the research conclusion is true and reliable through the robustness test.Based on theoretical analysis,empirical research and economic background with Chinese characteristics,this paper proposes corresponding policies and suggestions from two perspectives: non-financial listed companies and government agencies:(1)For listed companies,the first is to treat finance financially Market investment,identify the company as soon as possible,and clarify the direction of strategic development;Second,continue to optimize the asset structure and balance the holding ratio of financial assets and industrial assets.Consider introducing professional institutional investors to rationally allocate assets,focusing on the income from financial channels,controlling the flow of this part of the funds,and urging them to invest in the main business instead of returning to the financial market cycle.Third,reasonable control of financial leverage And the concentration of equity,focusing on the fixed assets,intangible assets and other industrial assets that help improve the efficiency of production and operation,promote the development of the real economy,explore the development direction that is conducive to the transformation and upgrading of enterprises;Fourth,strive to improve their operating income Rate,rather than relying on speculative behavior such as market arbitrage;(2)For government agencies,first,focus on guiding listed companies to rationally allocate financial assets,delineating the maximum holding reference value of financial assets,for enterprises exceeding this value Implementing more stringent regulations;second,long-term supervision of financial activities of non-financial listed companies,especially the monitoring of the profitability of listed companies' financial channels;and third,strengthening the disclosure of listed companies' financial assets And the transparency of the proportion,strengthen the approval and management of funds raised by listed companies;fourth To regulate the operation of financial markets and prevent financial risks from being transmitted to the real economy through the holding of financial assets;fifth,to stabilize the frequency and intensity of economic policy adjustments,to improve the transparency of economic policy formulation,and to strictly control the content of the news media for economic policy.Release and convey,provide clearer direction and relatively clear guidance for the market economy;sixth,continue to strengthen the supervision and control of the real estate market,adhere to the " Housing is used to live,not to transaction " positioning,and promote the stable and healthy development of the real estate market.