| Entity Enterprises Should Focus on the Development of Industry.Nevertheless,the actual situation is that the non-finance sector is progressively expanding the proportion of capital input into financial channels,and the real economy enterprises are gradually breaking away from the traditional commodity production and trade activities.Excessive financialization of real enterprises will not only squeeze out the development of the main business,but also bring various potential risks to enterprises from the aspects of worsening internal governance problems and enhancing speculative profits,which is not conducive to the long-term development of enterprises.Bond credit spread can simultaneously reflect corporate default risk and debt financing cost.Therefore,the research on whether the risk brought by financialization to the entity enterprise is further transmitted to the increase of credit spread is important for enterprises to reasonably grasp the scale of financial assets holding,it is of practical significance for investors to identify investment risks and for regulators to improve relevant policies.Based on previous studies,this paper integrates the precautionary savings theory,principal-agent theory and signaling theory to link the financial economic consequences to risk premium compensation,and carries out empirical tests.In the specific case,a sample of A-share manufacturing listed companies issued bonds with duration covering 2017-2021 and their debt issuers are studied,and systematically explores the impact mechanism of entity enterprise financialization on credit spread and the role of main investment and monetary policy in this process under the condition of alleviating endogenous problems.The conclusions of this paper are as follows:(1)The capital chain break risk,operational risk and other potential risks generated by the financialization of manufacturing enterprises will be transmitted to the high level of credit spread,which is manifested by higher debt financing costs.(2)The financialization of manufacturing companies can make credit spreads rise by crowding out main business development and expanding business risks.(3)The crowding-out effect from financialization during periods of monetary expansion is significantly stronger and is also reflected in higher risk premiums.(4)Relatively speaking,the larger the scale of financial assets held by manufacturing enterprises with large scale and state-owned property rights,the larger the default risk and the stronger the impact on credit spread.This paper also makes relevant recommendations: 1.The entity enterprises themselves should raise the awareness of risk control,prudently carry out financial investment,reduce the crowding of main industries,and pay special attention to the problem of speculation and profit-seeking during the period of monetary easing.2.Financial institutions should try their best to make a penetrating understanding of the use of funds and increase restrictions on access to funds for financial investment purposes.3.Investors enhance their financial knowledge and risk recognition capability,and it is better to entrust the investment to professional institutional investors.4.Regulators should strengthen regulations on corporate information disclosure and improve risk detection and prevention systems with the help of science and technology.At the same time,the government should also give strong support to real enterprises in terms of industrial upgrading and technological improvement,and promote real enterprises to "move from the virtual economy to the real" by narrowing the profit disparity existing among the financial sector and the real economy. |
