Monetary Policy,Financialization Of Entity Enterprises And Corporate Value

With the continuous adjustment of China's economic structure and the continuous change of economic development methods,the role of financial resources in economic development has also produced different effects with changes in the economic environment.Enterprises have invested heavily in financial sectors,especially for virtual assets In the context of the recent economic downturn and the decline in industrial investment rates,the tendency of companies to avoid "real" and "virtual" operations is becoming more and more obvious.A series of studies have shown that the financialization of physical enterprises will have a significant "squeeze out" effect,which will adversely affect economic development.On the other hand,some studies have shown that financial asset allocation,as a means for enterprises to cope with different economic environments,plays a role in promoting corporate performance,and moderate financialization is conducive to corporate development.Virtualization of the real economy has become an increasingly important issue for economic development,but few literatures have explored the macro drivers of financialization of real enterprises.To this end,this article selects the data of A-share non-financial listed companies from 2008 to 2017 as the research sample.From the macro perspective of monetary policy,it empirically tests how monetary policy affects the virtualization choice of physical enterprises,and explores specific monetary policy conditions.How does the effect of the financialization of physical enterprises have on the internal performance and external valuation of the enterprise? The study found that,compared with the period of loose monetary policy,enterprises allocated more financial assets during the period of tightening monetary policy.In the face of greater financing constraints,enterprises made financial assets that tilted limited resources to higher returns s Choice.As for the economic consequences,the allocation of financial assets by companies during the austerity period has a positive effect on corporate performance and capital market valuation.Further research has found that the tightening monetary policy's promotion effect on the financial asset allocation of physical enterprises is stronger in non-state-owned enterprises,non-growth enterprises,enterprises in the eastern region,enterprises with low self-financing constraints and non-high-tech industries,while tightening currency Under the policy conditions,the improvement effect of financial asset allocation on corporate performance is stronger among nongrowth enterprises,eastern enterprises,enterprises with high self-financing constraints and non-high-tech industries,and the improvement effect of capital market valuation is in state-owned enterprises,Non-growth enterprises and non-high-tech industries are stronger.