Research On The Impact Of Enterprise Financialization On The Operating Risks Of Manufacturing Enterprise

The manufacturing industry is the leading industry in China’s economic development,the main body of the real economy,and plays a very important role in achieving high-quality development of the economy.However,the current development of China’s real economy,especially the manufacturing industry,has been hindered to a certain extent.At the same time,the scale and degree of financialization of financial assets of manufacturing enterprises in China are increasing year by year,leading to the phenomenon of "shifting from real to virtual",This will inevitably have a certain impact on the operational risks of the enterprise.To study the impact of corporate financialization on the operational risks of manufacturing enterprises,this article focuses on the impact of corporate financialization on the operational risks of manufacturing enterprises,as well as the differences in the impact and mechanisms of corporate financialization on the operational risks of manufacturing enterprises from different life cycle perspectives.This article analyzes the impact of corporate financialization on the operational risks of manufacturing enterprises from both theoretical and empirical perspectives.At the theoretical level,based on a review of existing literature and theories such as principal-agent theory,investment substitution theory,and life cycle theory,this article constructs a corresponding theoretical framework and proposes research hypotheses.In the empirical part,this article takes A-share manufacturing companies in the Shanghai and Shenzhen stock markets from 2011 to 2021 as the research object,and empirically analyzes the impact of corporate financialization on the operational risks of manufacturing enterprises.The empirical research concludes that:(1)there is a significant positive correlation between corporate financialization and the operational risks of manufacturing enterprises;(2)For manufacturing enterprises in the growth and maturity stages,financialization will increase operational risks,while for manufacturing enterprises in the recession stage,financialization will reduce operational risks;(3)Manufacturing enterprises in the growth and maturity stages will experience increased operational risks through crowding out physical investment through corporate financialization.For manufacturing enterprises in the recession stage,corporate financialization will reduce operational risks by alleviating financing constraints faced by enterprises.(4)The allocation of long-term financial assets by manufacturing enterprises increases operational risks,while short-term financial asset allocation reduces operational risks for manufacturing enterprises;Compared to manufacturing enterprises with lower levels of internal control,manufacturing enterprises with higher levels of internal control have a relatively smaller impact on the intensification of operational risks due to their level of financialization.This article focuses on the manufacturing industry and analyzes the impact and mechanism of corporate financialization on the operational risks of manufacturing enterprises from the perspective of different life cycles of enterprises,further enriching the research on the impact of corporate financialization.Based on the research conclusions,this article proposes corresponding suggestions for the government and enterprises,which also provides a reference for manufacturing enterprises on how to reasonably allocate financial assets,formulate long-term development strategies,and how the government can better use finance to serve the development of the manufacturing industry.