| Since the 18th National Congress of the Communist Party of China,in the face of the continuous downturn of the world economy and the adverse effects of the "three-phase superposition" of the domestic economy,the development of China’s manufacturing industry has entered a period of transformation and upgrading.Constitution and other issues.Therefore,manufacturing enterprises are more inclined to obtain revenue from the financial market to improve corporate performance.From a macro perspective,it reflects that the physical enterprise has a profit-seeking in the investment process with the prosperity of the financial market;from a micro perspective,it provides a new law for increasing profit for manufacturing enterprises.Therefore,analyzing the impact of the financial melting of manufacturing enterprises on corporate performance will help understand the authenticity of the performance of manufacturing enterprises,understand the development direction of enterprises,help the real economy in the financial market,and promote the high-quality development of manufacturing in the financial market.By sorting out the empirical research results of relevant scholars,it is found that the company’s development has a significant relationship with its financial performance and innovation level.Therefore,on the basis of the theory of "reservoir","investment alternative","physical intermediary",and "commission-agency",case analysis method research manufacturing enterprises’ relation between financialization and financial performance and market performance.Taking Yunnan Baiyao Company as the research object,select the return on equity(ROE)and economic added value(EVA)as financial performance indicators,select the Tobin Q as the market performance indicator of the enterprise,analyze its motivation of financialization,model and influence at different stages It was discovered that Yunnan Baiyao Company made financial investment in the early days of Yunnan Baiyao Company for the purpose of improving the efficiency of funds and increasing the company’s liquidity.Over time,Yunnan Baiyao Company’s financial assets accounted for 1/4 of total assets,and financial assets were mainly risky stocks.At this time,the company’s goal of financialization was transferred to excess returns to obtain the financial market.Studies have shown that the financialization of Yunnan Baiyao Company has an important impact on enterprises performance,and it is manifested on the inverted U-shape that rises first and then declines on the graphic.Under the premise of the relatively stable growth rate of the company’s scale,fixed assets,profit margins,and research and development investment,Yunnan Baiyao Company is in the exploration of financialization period and starting period to increase the "storage pool" theory and increase the efficiency of funds and increase liquidity.The theory of "physical intermediary" is the motivation,the financialization is at a moderate level,which has a improvement of the company’s financial performance,has no significant impact on market performance,that is,it has a certain positive promotion effect on the performance of the company;The level is continuously improved,and the "investment alternative" theory and "commission-agency" theory of the motivation to carry out the motivation to obtain excessive financial income to obtain excess financial income have reached excessive levels.Essence Overall,it has a negative impact on enterprises performance.Therefore,if it comes to the relevant revelation,Yunnan Baiyao Company should focus on the research and development and marketing of Chinese medicine to promote the main business of digital reform and innovation.At the same time,appropriate financial investment can increase the liquidity of enterprises,improve the efficiency of capital,establish a corresponding risk index for monitoring,and control the level of finance.Manufacturing enterprises should solidly promote the development of the entity,carry out financial investment in combination with the actual situation of the enterprise,avoid blind financial melting,and allow the financial industry to effectively serve the real economy. |
