| After China’s economy entered the new normal,the manufacturing industry faced increased difficulties in development,such as overcapacity and insufficient innovation capacity.At the same time,China’s financial industry ushered in high-quality development:the financial system has been continuously improved,and the rate of return on investment has steadily increased and shown a tendency to outperform the real economy.Entity enterprises began to enter the financial market by allocating different kinds of financial products in pursuit of short-term high returns,and the important position of production and management in enterprises was gradually weakened.This phenomenon leads to the beginning of the problem of "extracting real to virtual" in our economy,the position of manufacturing industry in our country presents a downward trend.At present,the medical manufacturing industry in our country also exists the financial problem.The development status of the pharmaceutical industry is closely related to the healthy life quality of Chinese residents.Due to the development characteristics of the pharmaceutical industry,such as large capital demand,high risk of R&D activities and long life cycle of products,in order to ensure the stable development of enterprises,many pharmaceutical enterprises will invest a large amount of capital into financial products,so that they can obtain as much profit as possible.Yunnan Baiyao is a leading enterprise in the production industry of traditional Chinese medicine,and also belongs to the pharmaceutical manufacturing industry.At the same time,the financialization problem of Yunnan Baiyao is obvious,which has aroused a certain degree of social concern.Therefore,this paper chooses Yunnan Baiyao as the research object to explore the path,degree,motivation and economic consequences of financialization of pharmaceutical manufacturing enterprises in the way of case study.It provides a new perspective for enterprises,investors and government to view the issue of enterprise financialization.This paper starts with the allocation of financial assets of Yunnan Baiyao and divides them according to the contents of the notes in the annual report.Then,based on the quantity and characteristics of financial assets held,it analyzes the trend of the degree of financialization of Yunnan Baiyao year by year,and focuses on exploring the motivation of financialization.It analyzes the economic consequences caused by financialization activities by using various methods such as principal component analysis and event study.The main conclusions of this paper are as follows:(1)the degree of financialization of Yunnan Baiyao shows a deepening trend year by year;(2)The financialization process of Yunnan Baiyao has obvious stages.From 2014 to 2018,it was divided into preliminary financialization stage,with a small number of financial products,low returns and low risks;The period from 2019 to 2021 will be divided into the deep financialization stage,where the number of financial products held will increase and the number of stocks purchased will increase year by year.(3)The financialization motivation of Yunnan Baiyao is different at different stages.When adopting a prudent investment strategy,the main purpose is that the main business starts to decline and stable income is needed to make up for it.Meanwhile,there is a large amount of monetary capital,so the loss of time value needs to be avoided.When adopting aggressive investment strategy,the participation of non-state-owned shareholders makes Yunnan Baiyao have a strong tendency to pursue profits,which is aggravated by the appointment of Chen Fashu as a senior executive.Meanwhile,the profit efficiency of Yunnan Baiyao’s main business declines,so it needs to find a new profit growth point.(4)The financial consequences of Yunnan Baiyao’s financialization mainly include:the financial risks it faces are increasing year by year;The robust investment strategy has a positive effect on the comprehensive financial performance,while the aggressive investment strategy has no obvious effect.Holding low-risk financial assets increases long-term value;The behavior of enterprises in the stock market has not been recognized by investors.In view of the above analysis results,this paper respectively from the daily operation of enterprises,corporate governance structure and government supervision function of three aspects of the proposal. |
