Research On The Influence Of Asset Financialization On Enterprise Value

The transformation and upgrading of the economic structure,focusing on the real economy is the key goal of national modernization and realization of the long-term plan.For the transformation and upgrading of economic structure,the country needs to build a perfect financial market system to help the development of enterprises,so as to promote the development of asset financialization and realize the key leapfrog of industrial structure upgrading.There are numerous and complex factors affecting asset financialization,which are mainly affected by financing constraint environment,enterprise investment strategy,judgment of core executives,etc.These factors are also the relative core part of improving asset financialization.The precision measurement of asset financialization in the above way plays an important role in the study on the impact of enterprise value,the promotion of enterprise transformation and the development of real economy.On the basis of consulting and sorting out relevant literature,this thesis further defines the research object:Based on the influence of asset financialization on enterprise value,the empirical research hypothesis is proposed with enterprise value as the explained variable and enterprise financialization as the core explanatory variable in combination with nine factors including financing constraints,asset-liability ratio,return on assets,asset turnover,number of employees,enterprise financial leverage,per capita salary,the proportion of the largest shareholder and enterprise fixed asset investment.Construct panel regression model.With the help of wind database and csmar database,the data of 500 non-financial listed companies from 2008 to 2021 were collected,and on the basis of controlling individual and time effects,the influential factors of enterprise value were scientifically analyzed,and the heterogeneity analysis,endogeneity processing and robustness analysis of the model were carried out to draw basic regression conclusions.The results show that:1.The financialization of assets has been significantly improved,but there are obvious differences among different companies;2.Enterprise value increment is relatively slow,and there are obvious differences among different companies;3.Asset financialization plays a positive role in promoting the improvement of enterprise value;4.Asset-liability ratio and asset turnover have a moderating effect on enterprise value.Based on these conclusions,the research holds that:1.Improve the financial system,improve the status quo of entity enterprise financialization;2.The government guides and supports enterprise innovation in many ways;3.The enterprise needs to establish a reasonable salary system and improve the internal system of the company;4.Establish enterprise financial early warning mechanism,and establish risk control management team.