Research On The Impact Of Private Enterprise Financialization Investment On Its Production Efficiency

After the 2008 financial crisis,the world economy as a whole has entered a downturn,and China's economy has also entered a downward phase.Entities have experienced rapid declines in external demand and insufficient domestic demand,which has hampered their profitability.In recent years,due to the rapid development of China's financial industry,the integration of the real industry and the financial industry has become increasingly close,and as the Chinese economy has entered a new normal,the development space of the real industry has been limited,and the profit margin obtained is not the same as that of the financial industry.Under this environment,a large number of physical enterprises began to participate in financial activities,a large amount of capital was transferred to the financial industry,the financialization of physical enterprises began to become normalized,and private enterprises compared to state-owned enterprises,the motivation of speculation Be more intense.In this paper,by studying the impact of corporate financialization investment on its total factor productivity,it sorts out the mechanism of action,and selects Shanghai private enterprises as the research object to illustrate the true situation of this impact in our private enterprises.First of all,based on the existing research,this paper sorts out the relevant concepts of corporate financialization,builds a theoretical foundation from the aspects of definition,measurement and motivation,and forms a literature review.Secondly,through qualitative analysis,this article will outline the way and path of financialization's effect on enterprise production efficiency.This paper selects the private companies listed on the A-shares in 2007-2018 as the data source,and screens out the private companies that continue to participate in financial activities.Finally,377 companies are selected as the research object.The empirical method is used to analyze the full elements of the financial investment of the entity companies.The impact of productivity.The research conclusions of this paper are:(1)Compared with non-financial private entities,there is higher total factor productivity of non-financial entities with financial investments;the higher the degree of financial investment of physical private enterprises,the higher the total factors of private entities The higher the productivity.(2)The executive compensation of private enterprises is positively correlated with the enterprise's total factor productivity.Reasonable executive compensation helps promote the improvement of the enterprise's total factor productivity;the private company's asset-liability ratio is positively correlated with the enterprise's total factor productivity,within an appropriate range Category,a higher asset-liability ratio can increase the enterprise 's total factor productivity.Based on the theoretical analysis and research conclusions of this article,the corresponding countermeasures and suggestions are put forward: private enterprises should enhance the awareness of risk prevention and social responsibility,optimize the allocation of resources,and grasp the way of corporate financialization under the premise of ensuring the normal operation of the main business And promote the technological innovation,optimize the business philosophy and management level,and improve the production efficiency of the physical industry.The country needs to gradually carry out financial reforms,and allow finance to promote the development of physical industries in a better way.