The Impact Of Corporate Financialization On Enterprise Value

At present,the operation and development of Chinese enterprises are under the dual influence of domestic industrial restructuring and deteriorating international trade environment.Internal industrial restructuring and intensified competition in the industry,coupled with an increasingly complex external environment,have made it difficult for real enterprises to operate under the dual impact.The role of the financial industry,financial institutions and other financial players in the economic system is increasing;non-financial enterprises are also more involved in financial activities,and the growth of corporate profits is increasingly dependent on financial channels.The"cold" of the real enterprises and the"hot" of the financial industry can be described as a double fire.The phenomenon of "disengagement from the real to the virtual" has become a typical phenomenon of modern enterprises,which has become an important problem that needs to be solved for the sustainable and healthy development of the real economy.To what extent will the financialization behavior of the real enterprises due to the allocation of financial assets have an impact on the enterprise value?What are the paths through which the financialization of enterprises will have this impact?Does this impact vary with changes in the firm’s internal and external environment?In view of this,this thesis selects panel data of A-share listed companies in Shanghai and Shenzhen from 2010 to 2020 to study the impact of financialization of real enterprises on enterprise value,to explore the path of the role of financialization-investment efficiency(inefficient investment)and innovation input-enterprise value of enterprises,as well as to analyze the role of financing constraints in The results show that the financialization of real firms is related to the value of the firm.The results show that there is an inverted U-shaped relationship between financialization and enterprise value;investment efficiency(inefficient investment)and innovation input play a mediating role in the relationship;financing constraints play a moderating role in the relationship;the inverted U-shaped relationship between financialization and enterprise value is more obvious for non-state enterprises,small-scale enterprises,and enterprises in the eastern region.