Research On The Impact Of Financial Asset Allocation On The Risk-taking Of Enterprises

The high-quality development of the financial industry cannot be achieved without the continuous deepening of financial reform.On the one hand,it can stabilize the structure of the financial system,and on the other hand,it can promote the financial sector to fully play its role in serving the real economy.Economic financialization has become the norm.When economic finance is applied to enterprises,it is manifested that enterprises allocate assets in the financial market on a large scale in the hope of obtaining additional investment returns,which greatly increases the risk of idling funds in the financial system.Therefore,the government report repeatedly emphasized that the financial system should return to the essence of serving the real economy and prevent the economy from turning from real to virtual".Based on this,this paper studies the influence of financial asset allocation on the level of risk taking from a micro perspective.Meanwhile,considering that the economic cycle is the macro environment on which enterprises operate and develop,it examines its regulating effect on the relationship between the two,and attempts to explore the influence mechanism and regulating mechanism of corporate financial asset allocation on target factors.This paper mainly studies the following problems:(1)the relationship between financial asset allocation and the level of enterprise risk taking;(2)Whether the business cycle has a moderating effect on the relationship between the allocation of financial assets and the level of risk taking and the specific regulating mechanism;(3)Whether the allocation of financial assets with different maturity structures has a different impact on the level of risk taking;(4)Whether there is heterogeneity in enterprise size.In order to study the above issues,this paper selects non-financial listed enterprises from 2012 to 2021 as the research object for empirical analysis.The empirical results show that there is a U-shaped nonlinear relationship between financial asset allocation and risk taking.Among them,short-term financial assets and long-term financial assets have differentiated effects;Regulating variable economic cycle plays a positive regulating role;Further considering the property right nature and scale heterogeneity of enterprises,it is found that financial asset allocation behavior has relatively little influence on the level of enterprise risk taking due to the strong capital strength and stable customer resources of large and medium-sized enterprises or state-owned enterprises.The innovation of this paper is mainly reflected in the following aspects:first,enrich the theoretical perspective of research.As for the theoretical mechanism of the nonlinear relationship between financial asset allocation and risk taking level,most scholars deduce the nonlinear relationship between them based on the preventive savings effect and investment substitution effect.In addition,this paper also makes in-depth analysis from the balance sheet channel and credit channel of enterprises.Second,this paper shows that the term structure of financial assets has a differentiated effect on the level of risk-taking.Although the nonlinear model of long-term financial assets is significant,its U-shaped curve lacks practical significance,while the U-shaped curve of short-term financial assets is in line with practical significance.The third is to introduce the economic cycle as the adjusting variable.Business cycle is the macro-environment in which enterprises live and plays a role as a vane for the development of enterprises.Few scholars consider the regulating effect of business cycle on this process.Based on the research results,this paper puts forward corresponding policy suggestions:appropriate allocation of financial assets,pay attention to long-term financial investment;Optimize the allocation structure of financial assets to avoid investment risks in financial markets;To pay attention to the change of macro environment,enterprises should clarify long-term business objectives,pay attention to the guidance of national macro policies,and control the level of risk taking within a reasonable range;and continue to improve the financial regulatory system.