An Empirical Study On The Impact Of Non-Financial Companies' Financialization On Real Capital Investment

In recent years,the financial degree of non-financial enterprises is deepening day by day.Firstly,This paper defines the financial degree from the macro and micro levels,and defines the two concepts respectively,and then summarizes the evolution process of the financial degree,which lays the foundation for the following paper.Then,after summarizing the measurement methods of the financialization,on the basis of combing the influence of the financialization of the non-financial enterprises on the operation efficiency,innovation investment and physical capital investment of the enterprises,this paper uses a new measurement method of the financialization of the non-financial enterprises.Based on this,this paper analyzes the asset financialization,investment income financialization and cash flow melting of the real estate industry,manufacturing industry and information technology industry in China's non-financial enterprises in recent ten years.By analyzing the data of all the non-financial enterprises listed on the Shanghai Stock Exchange,this paper constructs the influence of the non-financial enterprise financialization on the real capital investment through the investment substitution effect,and studies the influence of the non-financial enterprise financialization on the real capital investment through the reservoir effect with the financing constraint as the intermediate variable.After comparing the above two influence degrees,the conclusion is that the crowding out effect is greater than the reservoir effect.And after the empirical results are tested,combined with the above analysis,the corresponding countermeasures and suggestions are put forward.Meanwhile,this paper also makes an empirical study on the impact of three major non-financial enterprise industries,including manufacturing industry,information technology industry and real estate industry on the real capital investment.The above three industries are measured separately,and then brought into the model of this paper to test the crowding out effect and reservoir effect of their financial degree on the real capital investment.Based on the analysis of the empirical results,this paper concludes that the financialization of the traditional manufacturing industry has little impact on the real capital investment,while the rising information technology industry and the fast-growing real estate industry in recent years have great impact and mainly show the investment substitution effect,of which the reservoir effect of the real estate industry is obviously notable.Combined with the above empirical results and analysis,this paper puts forward the corresponding policy recommendations at the end of the article.