Research On The Relationship Between The Financialization Of Chinese Economy And The Financing Efficiency Of Industrial Enterprises

Since the 1980 s,with the rapid development of China's economy,the level of economic financialization has been constantly improving,but the ability of finance to serve the real economy remains limited.The development of real enterprises represented by industrial enterprises is the core and foundation of national economic growth.Along with the advancement of financialization,the high profits in the financial market encourage more money to be put into the financial field.Small and Medium-sized industrial enterprises financing difficult and financing expensive financial services serious contradictions prominent,and the high level of development of finance can help ease the financing difficulties faced by enterprises.As we can see,the development of financial system have a great on the financing of industrial enterprises.This paper will choose a macro perspective to construct the financialization index and calculate financing efficiency of China's industrial enterprise,and study the relationship between them through regression analysis.This paper is divided into five chapters,from the following several aspects:Firstly,it summarizes the measure of financialization and financing efficiency,Review relevant domestic and foreign research literature about financialization and financing efficiency of industrial enterprises.Secondly,it analyzes the influence of financialization on the financing efficiency of industrial enterprises from the theoretical and empirical aspects.Theoretically,the influence mechanism of financialization on financing efficiency of industrial enterprises is analyzed from three aspects: financing risk,financing production ratio and financing return rate.In the empirical study,an indicator system is constructed and qualified samples and data are selected,used Factor analysis to construct the financialization index.Then choose the input-output index of industrial enterprises,used the DEA model to calculate the financing efficiency of industrial enterprises,analyze the relationship between the two by regression analysis.Finally,through the above theoretical and empirical analysis of the conclusions to reflect on China's financialization to promote the financing efficiency of industrial enterprises in the existing problems,and gives some policy suggestions to improve the financing efficiency of industrial enterprises in the context of the development of economic financialization.The research conclusion of this paper is as follows: The development of China's financialization undoubtedly has a positive effect on the financing efficiency of industrial enterprises.However,when financialization develops to a certain extent,it will have a restraining effect on financing efficiency.With the rising trend of economic financialization,The capital market began to play the function of resource allocation to the real economy,which is helpful to improve the financing efficiency of industrial enterprises.But with the development of financialization to a certain stage,The expansion of the financial market and the expansion of the virtual economy bring about financial risks and financial industry profits rise,which leads to the crowding out of the financing of industrial enterprises,will undoubtedly have a negative impact on the financing efficiency of industrial enterprises and other real enterprises.