Research On The Impact Of Corporate Financialization On Its Total Factor Productivity

The 19th National Congress of the Communist Party of my country proposed that total factor productivity is an important starting point in the process of China’s economic transformation and upgrading.As the main body of the national economy,manufacturing enterprises are particularly important in how to improve their total factor productivity in the current situation of fierce international competition.Due to the rapid development of the financial market,driven by high profits,manufacturing enterprises appear financialized behavior.The impact of this financialization behavior on the total factor productivity of manufacturing enterprises is the focus of this paper.This paper first defines the concepts of enterprise financialization and total factor productivity,divides enterprise financialization into asset financialization and income financialization,and analyzes the impact of enterprise asset financialization and income financialization on total factor productivity in turn based on relevant basic theories.Mechanism.On this basis,taking A-share listed manufacturing companies from 2010 to 2020 as the research object,the fixed effect model is used to test the impact of corporate financialization on total factor productivity.The research conclusions of this paper are as follows:(1)There is an "inverted U"-shaped relationship between corporate asset financialization and total factor productivity.Moderate asset financialization will promote the total factor productivity of enterprises,and excessive asset financialization will promote the total factor productivity of enterprises.change will inhibit the total factor productivity of enterprises.(2)There is a "U"-shaped relationship between corporate income financialization and total factor productivity.The impact of income financialization on total factor productivity is first suppressed and then promoted with the change of income financialization.Process.(3)Through the mediation effect test,it is found that innovation input is a "U"-shaped mediating factor between corporate financialization and total factor productivity.(4)There are differences in the impact of corporate financialization on its total factor productivity under different life cycles.From the perspective of asset financialization,there is an "inverted U" relationship between corporate asset financialization and total factor productivity in the growth period and maturity period,and asset financialization in the recession period inhibits total factor productivity;from the perspective of income financialization,the growth period and The financialization of earnings and total factor productivity in the mature period have a negative correlation,and in the recession period,the two have a "U"-shaped relationship.(5)There are differences in the impact of financialization on total factor productivity under different property rights.The financialization of assets of stateowned enterprises and non-state-owned enterprises has an "inverted U" relationship with total factor productivity,and the financialization of non-state-owned enterprises’income has a relationship with total factor productivity."U"-shaped relationship,and the financialization of SOEs’ earnings inhibits their total factor productivity improvement.Based on the research in this paper,policy recommendations are put forward.From the enterprise level:enterprises should be financialized appropriately and improve the internal governance mechanism;from the government level:the government should strengthen financial supervision and introduce capital into real enterprises.