Research On The Impact Of Financialization Of Manufacturing Enterprises On Their Main Business Performance

In recent years,there has been an increasingly obvious trend of financialization in the operation of China’s economy.At the micro level,this trend is mainly reflected in the "de reality to virtual" behavior of real enterprises represented by manufacturing industry,that is,the deepening degree of financialization of real enterprises.In this regard,some scholars believe that the financialization of real enterprises will produce a "reservoir" effect and provide liquidity for the future development of the main business of enterprises,but more studies point out that it will crowd out the investment of enterprises in the main business and have a negative impact on the main business performance of enterprises.In order to further study the relationship between the financialization of manufacturing enterprises and their main business performance,this paper selects the A-share listed manufacturing companies in Shanghai and Shenzhen from 2010 to 2020 as the research sample for theoretical analysis and empirical test.At the theoretical level,based on the preventive savings theory,investment substitution theory,pecking order theory and enterprise life cycle theory,this paper analyzes the "crowding out effect" and"reservoir effect" of enterprise financialization on main business performance,as well as the impact of enterprise life cycle and the regulation of financing constraints;At the empirical level,according to previous studies,this paper chooses to measure the enterprise financialization indicators from the perspective of financial asset allocation,constructs the main performance variables,and uses the panel regression fixed effect model in the empirical analysis.The results of this paper show that:(1)the degree of enterprise financialization of listed manufacturing companies is significantly negatively correlated with their main business performance.From the perspective of its economic consequences,enterprise financialization behavior shows an obvious "crowding out effect" on the main business performance.(2)It is found that the improvement of the long-term financialization level of enterprises has a stronger "crowding out effect" on the main business performance.(3)After introducing life cycle variables,it is found that firstly,there are differences in the level of enterprise financialization in different life cycles.At the same time,the effect of enterprise financialization on main business performance is also different due to the different life cycles of enterprises.Specifically,the "crowding out effect" of short-term financialization of enterprises in mature period is relatively weak,while the "crowding out effect" of financialization of enterprises in growth period and recession period on main business performance is strong.(4)Financing constraints play a regulatory role in this process,the more serious the financing constraints faced by manufacturing enterprises,the more significant the negative impact of enterprise financialization on their main business performance.According to the research conclusions,this paper puts forward targeted policy suggestions from two aspects of enterprises and government.Firstly,manufacturing enterprises should optimize the allocation of financial assets according to their own specific conditions,so as to avoid the phenomenon of separating from reality and ignoring the main business.Secondly,government departments should effectively supervise the financialization of manufacturing enterprises,so that enterprises can reasonably allocate financial assets,and provide targeted support for the development of real industries,so as to promote the improvement of the main business performance of enterprises.