Corporate Financialization,life Cycle And Operational Performance

In the past three decades,the wave of financialization has accelerated across the world and exerted an important influence on the development of the market economy.Now,financialization is affecting the operation of the economic system from the macro level of "economic financialization" and the micro level of "enterprise financialization".In recent years,China’s economic growth has shifted from high speed to medium-high speed.In order to get rid of the pain of economic transformation,some real enterprises turn their eyes to the rapid expansion of the financial sector and obtain high returns through financial investment to improve business operations.However,while obtaining high profits for enterprises to improve their profits,financialization may also have different degrees of impact on the main business of enterprises.Therefore,it is of great significance for the healthy development of Chinese real economy to explore the impact of enterprise financialization on the operating performance of real enterprises and whether there are differences for enterprises in different life cycles.Based on the above research background,this study focuses on the relationship between enterprise financialization and the operating performance of the main business,and attempts to explore whether there is difference in the impact of enterprise financialization on its operating performance from the perspective of enterprise life cycle.First of all,this paper combs and summarizes the literature review and theoretical basis on financialization at home and abroad,making theoretical preparation for the empirical analysis in the following article;Finally,based on relevant theoretical induction and literature collation,empirical analysis and research are conducted through the data of non-financial listed companies in Shanghai and Shenzhen A shares,and suggestions are put forward.The empirical study shows that:First,the higher the degree of enterprise financialization,the better the enterprise performance,and the financialization of enterprise has a significant role in promoting enterprise operating performance.At present,the financial assets of most enterprises in our country are in the range of the low level of financialization.At this stage,the financialization plays the role of"reservoir" more,and enterprises mainly allocate financial assets for reserve purposes.Second,the impact of financialization on the performance of enterprises in different life stages is different.Empirically the financialization initial,growth,maturity and decline of the enterprise the influence of the four periods,conclusion found financialization in four stages has positive influence on business performance,but at different times of the influence degree have differences,among them,the performance of financial assets to promote role in leading and developing is the largest,the second is the mature period,the minimum impact on recession.Based on the obtained research conclusions,this paper puts forward suggestions from the policy level and the enterprise level.At the policy level,firstly,in view of the current situation in China,most enterprises are still in the process of correctly guiding and encouraging the development of enterprise financialization.Secondly,for a small number of over-financialized enterprises,the government should strengthen supervision.Enterprises and channels exceeding the general level of financialization should be detected,intervened and controlled as early as possible.Finally,the regulatory authorities can make different supervision policies and take customized supervision measures for enterprises in different life cycle stages.At the enterprise level,first of all,most enterprises should make full use of the tool of financialization and reasonably allocate the proportion of financial assets,so that the main business and financial business complement each other.Secondly,for enterprises in the start-up and growth stages,the application of financial tools can be more radical to accelerate the improvement of business performance.Finally,non-financial enterprises should make judgments according to their own actual conditions,define their business positioning,understand their development stage,and grasp the relative balance between main business operation and financial asset investment.