Research On The Effect Of Corporate Financialization Under The Opening Of Capital Market

In recent years,Chinese capital is leaving the production and circulation links of the real economy and flowing into the virtual economy represented by the financial industry and the real estate industry,causing the real economy to shrink and financial risks to increase.In view of the current trend of corporate financialization in China,the existing domestic academic research focuses on the factors that affect corporate financialization,and there are few literatures that consider the reasons for corporate financialization from the perspective of capital market opening.In 2014,the launch of the "Shanghai-Hong Kong Stock Connect",which is a milestone in my country’s capital market,marked the opening of China’s capital market into a new stage of two-way opening.Theoretically,the influx of a large number of foreign investors can effectively alleviate the financing constraints faced by enterprises,and at the same time strengthen the level of external supervision,effectively inhibiting the motivation of enterprises to financialize.Therefore,under the dual background of capital market opening and corporate financialization,it has important theoretical and practical significance to discuss whether the opening of capital market can really restrain real enterprises from “moving from the real to the virtual”.In response to the above problems,this paper first sorts out the current research and development status of corporate financialization and capital market opening,and then discusses the mechanism of the impact of capital market opening on corporate financialization from a theoretical level.Then,this paper adopts a multi-period double-difference model and uses the data of China’s Shanghai and Shenzhen A-share listed companies from 2010 to 2021 to conduct an empirical analysis on the relationship between capital market opening and corporate financialization.Moreover,this paper uses Heckman’s two-stage method,PSM-DID,placebo test,replacing it with Tobit model,and adding time and industry interaction items to test the endogeneity and robustness.Next,this paper explores whether there is a heterogeneous impact of capital market opening on corporate financialization from the four perspectives of property rights,enterprise scale,external governance environment,and marketization degree.In addition,this paper specifically analyzes the impact mechanism and economic consequences of capital market opening on corporate financialization through an empirical model.The research results show that:(1)The opening of the capital market can significantly alleviate the financialization of enterprises,and effectively restrain enterprises from "moving from the real to the virtual";(2)From the perspective of heterogeneity analysis,the opening of the capital market has a greater inhibitory effect on the financialization of state-owned enterprises,large-scale enterprises,and enterprises in a well-governed and highly marketoriented environment;(3)From the analysis of the impact mechanism,the opening of the capital market has inhibited the level of corporate financial asset allocation by easing financing constraints,reducing corporate operating risks,and improving the profitability of the main business;(4)From the perspective of economic consequences,after the opening of the capital market inhibits the financialization of enterprises,it can significantly improve their total factor productivity and promote the high-quality development of enterprises.Based on the above research,this paper puts forward relevant policy suggestions on promoting the reform,opening up and stable development of the capital market and restraining enterprises from "moving from the real to the virtual".