Research On The Impact Of Non-financial Enterprise Financing Structure On Financialization

In recent years,the profitability of China 's physical enterprises has declined,and some listed companies have left their main businesses to carry out a large amount of capital operations in the financial market.The problem of corporate financialization has been constantly highlighted,which is bringing serious challenges to the long-term competitiveness of the real economy.At the same time,in order to improve the real economy,China is taking various measures to improve the corporate financing environment,and the corporate financing structure is constantly being adjusted.Whether the corporate financing structure has an impact on financialization and the geometry is the question to be studied in this article.This article selects the panel data of non-financial listed companies in China from 2009 to 2018 as the research sample,and studies the impact of corporate financing structure on financialization from the perspective of investment and financing relations,and introduces equity concentration as a moderating variable,based on differences in financing constraints The duration of financial assets is different and the heterogeneity of the impact of financing structure on financialization is analyzed.The research results of this paper show that:(1)the proportion of corporate endogenous financing and debt financing inhibits financialization,while the proportion of corporate equity financing promotes financialization;(2)the concentration of equity increases the proportion of equity financing Promote the role of financialization,and weaken the inhibitory effect of the proportion of debt financing on financialization;(3)The impact of corporate financing structure on financialization is related to the degree of financial constraints and the type of financial assets held by the company Finally,this article puts forward policy recommendations to the government.While advancing the reform of the registration system and improving the multi-level capital market,it is necessary to strengthen ex-post supervision,restrict the behavior of major shareholders,reduce corporate financing costs,and make full use of the creditor 's supervisory power to restrict financialization And pay attention to the difference between the two forms of financialization that companies hold short-term financial assets and long-term financial assets.