Research On The Influence Mechanism Of Enterprise Entrusted Financial Management

At present,the growth rate of China's product consumption market is slowing down,consumption power is weakening,the risk of corporate innovation and R & D income is too high,and the reduction in profit space has led to insufficient industrial investment momentum.Under the trend of profit-seeking psychology,listed companies use the advantages of fund raising to absorb funds in the name of project investment in a wide range and engage in entrusted wealth management business with higher returns.Wind data shows that since 2010,the scale of entrusted wealth management products in the form of investment bank wealth management products,securities company asset management plans,trust products,private equity funds and other forms of listed companies has continued to grow at a rate of 1.7 times.The peak reached 1.7 trillion yuan.At the other end of the demand chain,financial products such as off-balance-sheet wealth management and trust of banks are used as financing tools for the shadow banking system.With the significant differences in financing conditions between enterprises,they continue to grow and contain huge hidden credit risks and financial risks.In response to the risk behavior of shadow banking activities,the supervisory authority issued a series of measures such as the “New Asset Management Regulations” to regulate the phenomenon of entrusted financial management.Under this influence,enterprises 'enthusiasm for participating in entrusted financial management was hit.However,behind the enthusiasm of companies for entrusted financial management is the disparity in the earnings of the physical sector and the financial sector,as well as the strong inequality in financing capabilities between companies.Can the implementation of regulatory policies,while suppressing the superposition of financial risks,reverse the socio-economic structural imbalances and solve the problem of the enterprise's "disengagement from reality" at the root? This requires a full analysis of the behavioral logic behind corporate financial management.By studying the financial behavior data of non-financial listed companies from 2013 to 2018,this paper sorts out the influencing factors of financial management scale from the perspectives of corporate financialization and financing constraints,and finds the role mechanism of financial products in corporate financing.This article believes that the significant difference in financing constraints among enterprises is one of the reasons why listed companies engage in speculative entrusted financial management.Enterprises invest their earnings surplus in financial management,which has a significant crowding-out effect on real economy investment.For emerging industries,the restraint of financing constraints and rising industrial investment rates on entrusted financial management is more obvious.Therefore,we should focus on the use of funds in emerging industries and be wary of premature financialization of enterprises.This article cuts into the issue of corporate financialization from the perspective of corporate entrusted financial management and shadow banking,provides policy recommendations for financial supply-side reforms,and is of great significance to the government's efforts to guide enterprises from virtual reality.