Research On The Influence Of Institutional Investors’ Shareholding On The Financialization Of Real Enterprises

As China’s economic and social development enters the new normal,the slowdown of economic growth and overcapacity make real enterprises face the pressure of transformation.At the same time,the virtual economy represented by the financial industry shows a rapid upward trend,the interest margin between the real economy and the financial sector is gradually enlarged,and the proportion of financial asset allocation of real enterprises is gradually increasing,This has led to the financialization of the real economy,which needs to be curbed urgently.Based on the existing research,this thesis attempts to explore whether the shareholding of institutional investors will have an impact on the financialization behavior of real enterprises from the perspective of institutional investors.Firstly,this thesis combs the relevant literature on the research of institutional investors and enterprise financialization at home and abroad,understands the research status of relevant issues,and provides necessary theoretical basis and reference experience for followup research.On the basis of relevant theories,this thesis expounds the internal mechanism of the impact of institutional investors’ Shareholding on the financialization of real enterprises,and puts forward relevant assumptions.After that,according to the theoretical analysis and research assumptions mentioned above,this thesis constructs the panel regression model and relevant mechanism test model,makes an empirical analysis on the relevant research assumptions based on the panel data of Listed Companies in Shanghai and Shenzhen A-share non-financial and real estate industries from 2010 to 2020,and draws the following conclusions:(1)the increase of the shareholding ratio of institutional investors inhibits the degree of financialization of real enterprises by improving the quality of enterprise information disclosure and enterprise expectation;(2)Ownership concentration plays a negative regulatory role in the impact of institutional investors on the financialization of real enterprises;(3)After considering the heterogeneity of financial assets,it is found that the inhibition of institutional investors on the financialization of real enterprises is mainly manifested in the inhibition of long-term financialization,but it plays a certain role in promoting short-term financialization;(4)Considering the heterogeneity of institutional investors,it is found that the inhibition effect of pressure resistant investors on enterprise financialization is stronger than that of pressure sensitive institutional investors.(5)considering the heterogeneity of enterprise property rights,it is found that the mechanism of institutional investors improving the quality of information disclosure to inhibit enterprise financialization is more significant for state-owned enterprises,The inhibitory effect on nonstate-owned enterprises is mainly achieved by improving enterprise expectations.This thesis then conducted a variety of robustness tests to ensure the robustness of the empirical results.Finally,based on the theoretical analysis and empirical results,this thesis puts forward a number of policy suggestions for policymakers,enterprises and institutional investors,in order to help the real economy "get rid of the virtual and return to the real".The possible marginal contribution of this thesis lies in the following two points: first,it analyzes the impact mechanism and channels of institutional investors on enterprise financialization.The two action paths proposed in this thesis are innovative,which enriches the existing research on the impact of institutional investors on entity enterprise financialization;Second,starting with multiple heterogeneity,this thesis defines the impact of institutional investors on the financialization of real enterprises under different circumstances,making the analysis more comprehensive.