Research On The Impact Of Enterprise Financialization On Total Factor Productivity

China’s economy has shifted from a stage of rapid growth to a stage of high-quality development.The “14th Five-Year Plan” clearly pointed out that our country needs to reverse the trend of “move from real to virtual” and strengthen advanced manufacturing.Therefore,under the background of our country’s economic “moving from real to virtual”problem,this dissertation studies the impact of corporate financialization on total factor productivity,which can help to regulate the financial investment behavior of enterprises and promote the improvement of total factor productivity.This has important theoretical and practical significance for promoting the high-quality development of our country’s economy.The dissertation takes A-share entity enterprises as the research object,and discusses the impact of corporate financialization on total factor productivity from both theoretical and empirical levels.In the theoretical analysis part,according to relevant concepts and theories,the mechanism of the effect of corporate financialization on total factor productivity is emphatically discussed.And the transmission path of corporate financialization affecting total factor productivity is deeply explored from the aspects of innovation investment and human capital investment.From the perspective of the nature of property rights,the heterogeneity of the impact of corporate financialization on total factor productivity is also studied.Under the guidance of the theoretical analysis,this dissertation focuses on the relationship between corporate financialization and total factor productivity in the empirical analysis part,and based on this,the mediation effect test and the heterogeneity test are carried out.The empirical results of the dissertation show that:(1)In China’s real enterprises,corporate financialization and total factor productivity show an inverted “U”-shaped relationship,and there is an optimal financial asset investment ratio of 0.122.The level of corporate financialization will promote the improvement of total factor productivity within a certain range,and it will have an adverse effect on total factor productivity beyond a certain range.(2)Enterprise financialization has an impact on total factor productivity by affecting the level of innovation input and human capital input.(3)Compared with non-state-owned enterprises,the impact of corporate financialization on the total factor productivity of state-owned enterprises is more significant,which means that the marginal effect of corporate financialization is greater.Finally,based on theoretical analysis and empirical results,this dissertation puts forward policy suggestions on strengthening financial supervision,improving the attractiveness of real investment,reasonably controlling the level of financialization of enterprises,and improving the corporate governance mechanism from both the government and the enterprise.The purpose is to prevent enterprises from excessive allocate financial assets,guide corporate funds to “move from virtual to real”,improve total factor productivity,and promote the high-quality development of the real economy.