The Impact Of Financialization Of Automobile Manufacturing Enterprises On Surplus

With the acceleration of China’s economic growth rate,the problem of "moving away from the real economy to the virtual economy" is becoming increasingly prominent,and the economic development is facing severe challenges.China has always paid high attention to this issue.In the report of the 19 th CPC National Congress,it was clearly stated that we will "deepen the reform of the financial system,enhance the ability of the financial sector to serve the real economy,and ensure that systemic financial risks do not occur." The real economy has always been the focus of China.As automobile manufacturing enterprises are an important pillar of the real economy,therefore,it is very important to grasp the development of the automobile manufacturing industry to support the real economy.The study of the impact of the financialization behavior of automobile manufacturing enterprises on the quality of surplus can reflect the real surplus information of enterprises,provide useful information to the decision-makers of enterprises,and make enterprises pay more attention to the rationality of financial investment,so as to achieve better development.This thesis mainly uses the case and empirical research method.In the case part,SAIC is selected as the research object to analyze the impact of enterprise financialization on surplus quality.First,SAIC’s business and development are briefly introduced.Second,the financialisation process of SAIC is analysed using a timeline as a clue.Third,two indicators,the proportion of financial assets to total assets and the proportion of financial income to total profits are used to evaluate the financialization status of SAIC.Fourth,the motives of SAIC’s financialisation are analysed.Fifth,by selecting multiple indicators,an evaluation system of corporate surplus quality is established,the entropy value method is used to assign weights to each indicator,and the resulting total score is used to measure the level of SAIC’s surplus quality.Last,the relationship between the enterprise financialization and the surplus quality of SAIC and the influence mechanism between them are analysed.In the empirical part,A-share listed automobile manufacturing enterprises are selected as the research object,and the empirical content was designed by combining the views of previous scholars and the findings of the case studies.First,descriptive analysis is conducted on the processed data,followed by the analysis of the correlation between the variables.After excluding the multiple collinearity between the variables,a suitable empirical research model is selected through Hausman test,and then regression analysis is conducted on corporate financialisation and surplus quality.Finally,by shortening the data time span and endogenous test way,the robustness of the empirical results is tested.Ultimately,the thesis concludes that the financialization of SAIC has a negative effect on surplus quality,and that the increase in SAIC’s financialisation reduces surplus quality by increasing the financing ratio of the controlling shareholders and reducing the proportion of investment in physical capital;at the same time,the financialization of the automobile manufacturing industry also has a negative effect on surplus quality.