Research On The Influence Of Enterprise Financialization On The Operation Risk

In recent years,as China's economy has entered the "new normal",on the one hand,the pan-financial sectors such as finance and real estate have shown a trend of high growth;on the other hand,real enterprises are confronted with overcapacity,supply-demand structural imbalance and other contradictions,and the real economy is experiencing a phenomenon of "shifting from real to virtual".From the micro point of view,"from real to virtual" is mainly manifested in non-financial enterprises buying a large number of financial products,actively holding shares in financial institutions and taking advantage of their own advantages to participate in shadow banking activities.On the one hand,the financialization of entity enterprises can improve the investment income of the company,nurture the main business and improve the performance of the enterprise.On the other hand,financialization may crowd out the main business funds of enterprises,lead to the reduction of industrial investment and the weakening of innovation activities,and aggravate the operating risk of enterprises.In view of this,this paper uses the panel data of 2,879 non-financial enterprises in the Shanghai and Shenzhen A-share markets from 2007 to 2016 to explore the impact of enterprise financialization on operating risk from the following four aspects :(1)whether enterprise financialization can significantly promote the operating risk of enterprises;(2)according to the common financialization approaches of real enterprises,the impact of financial asset shares on operating risk under different approaches is significant and there are significant differences;(3)distinguish the ownership of property rights of enterprises and investigate whether there are significant differences in the impact of enterprise financialization on operating risk;(4)from the perspective of risk,explore the influence path of enterprise financialization on operating risk.Through empirical research,it is found that :(1)under the premise of controlling other variables,enterprise financialization will significantly promote the increase of enterprise operating risk;(2)the financial assets held by enterprises through different financialization approaches have different impacts on the operating risks of enterprises;(3)the share of financialized assets held by state-owned enterprises will significantly and positively promote the operating risk of enterprises,while the influence of the share of financialized assets held by non-state-owned enterprises on the operating risk is not significantly and positively correlated;(4)the industrial investment rate of enterprises shows part of the mediating effect on the impact of enterprise financialization on operating risk.