Research On The Influencing Factors And Economic Consequences Of Corporate Financial Asset Allocation

China is currently in an important period of economic restructuring.It faces many problems such as overcapacity in traditional industries,insufficient domestic market demand and limited foreign trade,the gradual disappearance of demographic dividends,rising land costs and rising capital costs.The result is the real economy.It is generally faced with the dilemma of falling operating profit margins,while the financial and real estate industries maintain relatively high excess returns with their unique policy advantages.Faced with the high profits of the financial industry and the real estate industry,driven by the motive of capital profit-seeking,a considerable number of nonfinancial companies have begun to enter the financial sector to invest in financial products.At the same time,investment in business assets related to production activities has been declining,resulting in The Chinese economy has begun to appear as a phenomenon of “de-reality and emptiness”.The structural imbalance of financial assets and operating assets has also become an important issue that needs to be faced and solved in the development of non-financial enterprises in China.This can lead to the following related questions: What are the factors that drive non-financial companies to allocate financial assets? What impact does non-financial corporate financial asset allocation have on industrial investment and total factor productivity? Will the non-financial enterprise's allocation of financial assets cause the stock price collapse risk to rise? At the same time,the enterprise life cycle theory believes that the characteristics of different aspects of the company at different stages of the life cycle are different.For example,there are significant heterogeneity in corporate governance,business management,financial decision-making,etc.Therefore,enterprises need to be based on their own life cycle stage,selects the corresponding methods and countermeasures to solve the problem.Then,is there a difference between the factors affecting the allocation of financial assets by non-financial enterprises in different life cycle stages and the impact of corporate financial assets allocation on industrial investment,operating efficiency and the company's stock price collapse risk?This is a real problem that needs to be solved and is very important.Therefore,this paper makes use of the data of China's A-share non-financial listed companies from2007 to 2016,firstly analyzes the current situation of non-financial enterprises' allocation of financial assets,and then studies the main factors affecting the allocation of financial assets by enterprises based on the life cycle perspective.In-depth analysis of the impact of financial asset behavior on different stages of the life cycle on corporate investment,operational efficiency and the company's share price collapse risk.The main conclusions of this paper are as follows:In terms of the allocation of financial assets of enterprises,statistical analysis is carried out on the basis of classifying financial assets and distinguishing between financial assets and operating assets,and comparing the overall size of financial assets,the return on financial assets and the rate of return on operating assets.in the current stage of economic development enterprises Industrial investment will continue to decline,more and more inclined to invest in financial assets,financial entities " off the real to the imaginary " obvious phenomenon.In addition,non-monetary financial assets accounted for a rapid increase in the ratio of financial assets,indicating that risk-based financial assets have become an important part of corporate financial decisions.Then from the perspective of the distribution of corporate financial assets,the size of the enterprise,the nature of the enterprise and the characteristics of different industries,the following aspects are characterized: First,from the perspective of the allocation of financial assets,the financial assets of the transaction gradually become the investment of financial assets of the enterprise.The main direction,the growth rate is most obvious in recent years.Entrusted loans and investment wealth management products have changed significantly and have gradually become an important part of corporate financial assets.The scale of investment real estate and long-term financial equity investment continued to rise,and the growth rate was relatively stable.From the perspective of enterprise scale,the proportion of financial assets held by small-scale enterprises was significantly higher than that of large-scale enterprises.From the growth rate in recent years,the growth rate of financial assets of small-scale companies is significantly higher than that of large-scale enterprises;from the perspective of the nature of enterprises,the proportion of non-manufacturing holdings of financial assets is obviously higher than that of non-manufacturing enterprises;In terms of characteristics,for service industries with relatively low operating inputs,such as the catering industry,the ratio of financial assets is relatively high,while for some technology-intensive industries that require long-term capital investment,such as the computer industry and the information technology industry.The holding ratio of financial assets is relatively low.Based on the investment portfolio selection theory,this paper analyzes the relevant factors affecting the allocation of financial assets,and conducts an overall regression analysis on the full sample data.The results show that the relative risk of business assets and the relative management of financial assets.The difference in profit of the assets is significantly positively correlated with the proportion of the financial assets held by the enterprise.It indicates that when the financial assets are allocated,the enterprise mainly makes investment decisions based on the consideration of the two factors of asset risk and asset income,and determines the financial assets and operating assets.The proportion of the configuration.After multi-linear discriminant analysis(MLDA)classifies the life cycle of the company based on the cash flow grouping method,it is found that the correlation coefficient between the relative risk of business assets and the proportion of corporate financial assets in the growth period and the recession period are significant.Positive,and higher than the maturity of the sample business assets relative risk and the proportion of corporate financial assets held by the correlation coefficient,indicating that the growth period and the recession period enterprises are more sensitive to the relative risks of operating assets,while the maturity of enterprises relatively low sensitivity.In addition,the correlation coefficient between the difference between the financial assets and the return on operating assets and the proportion of the financial assets held by the enterprises in the growth period and the recession period are also significantly positive,which is also higher than the correlation coefficient of enterprises in the mature stage.It shows that the growth period is more sensitive to the difference between the return on financial assets and operating assets,while the mature enterprises are relatively less sensitive.In the further analysis of different financing constraints,main performance and corporate governance characteristics,analyze the differences between the relative risks of business assets and the relative return rate of financial assets in different circumstances on the proportion of financial assets held by enterprises,and find that in the financing constraints These two factors play a relatively greater role in strong enterprises,and these two factors play a small role in enterprises with weaker financing constraints.Enterprises with poor performance are relatively poor.The impact is relatively small;companies with a high share of management share are less affected by companies with a lower shareholding ratio.In terms of the impact of corporate financial asset allocation behavior on industrial investment,the main motives of enterprises to allocate financial assets are examined by introducing two variables,the current financial asset increment and the lag period financial asset holding ratio,in the Tobin Q investment model.Firstly,according to the possible reverse causal relationship of the regression model,the systematic GMM measurement method is used to empirically analyze the full sample data,and it is found that the current financial asset investment increment and the lag period financial asset stock are significantly negatively correlated with the industrial investment variables.It shows that from the overall effect,enterprises mainly allocate financial assets based on the motive of “alternative”,and the results have a restraining effect on fixed asset investment and sustainable innovation investment.In addition,since continuous innovation investment has the greatest risk relative to fixed asset investment,the slowest performance and the longest investment cycle,based on the consideration of asset risk and return,the enterprise “substitute” the role of sustainable investment in the allocation of financial assets.most influential.Then,after grouping regression of sample data at different life cycle stages,it is found that enterprises in the growth and recession stages have the greatest risk and less benefits due to the risk of operating assets.In this stage,when enterprises allocate financial assets,they are relatively It is easy to be tempted by the high profits of financial assets.The “alternative” motivation is the strongest,and the industrial investment is relatively the most restrained.However,the mature stage of the enterprise is inhibited by the relatively stable high-yield operating assets.Not obvious.In addition,by analyzing the differences between the two types of financing constraints,it is found that for enterprises with strong financing constraints,the squeeze effect of financial asset allocation is larger,while those with weaker financing constraints are more Relatively small;companies with low shareholding ratios have a stronger crowding out effect than those with high shareholdings.In terms of the impact of corporate financial asset allocation behavior on operational efficiency,firstly,the semi-parametric estimation method is used to estimate the total factor productivity of the enterprise,and then the impact of the current financial asset increment and the lag of the first-stage financial asset holding stock on the total factor productivity of the enterprise is analyzed.If the enterprise mainly allocates financial assets based on the “alternative” motive,it is expected that the current financial asset increment and the lag period financial asset stock will have a negative impact on the enterprise's total factor productivity.After regression analysis of the whole sample,it is found that the coefficient of the financial assets of the firstphase lag and the increase of the current financial assets are significantly negatively correlated with the total factor productivity of the enterprise,which indicates that the behavior of the financial assets allocated by the enterprise is the full factor of the current and future periods.Productivity will have an inhibitory effect,indicating that enterprises are mainly based on “alternative” motives when configuring financial assets,which in turn impairs the total factor productivity of enterprises.After regression analysis of the samples according to different life cycle stages,it is found that the impact of the allocation of financial assets at different stages of the life cycle on total factor productivity.In the growth stage,the behavior of enterprises deploying financial assets has the greatest inhibitory effect on total factor productivity.In the recession period,the effect of corporate financial asset allocation on total factor productivity is not obvious.Further grouping by financing constraints and grouping whether enterprises are state-owned enterprises,according to the regression analysis results of each group,it is found that enterprises with higher financing constraints have the strongest inhibitory effect on total factor productivity;state-owned enterprises are affected.The degree is the strongest,and non-state-owned enterprises are less affected.In terms of robustness,the results were found by grouping the total factor productivity,and the results were still robust after regression analysis using the lag period instrumental variables.In the impact of corporate financial asset allocation behavior on the company's stock price,the impact of corporate financial asset allocation behavior on the company's stock price collapse risk is investigated.Based on the research conclusions in the previous chapters,the micro-level exploration of the relationship between corporate financial asset allocation and stock price collapse risk is explored.Relationship.The empirical results show that,from the results of the full sample analysis,since the enterprise mainly allocates financial assets based on the “alternative” motive,it has an adverse impact on the main business in the long run,and the earnings smoothing function of the financial assets is hidden for the management.Providing feasibility,therefore,corporate financial asset allocation behavior as a whole,the result is easy to trigger the risk of corporate stock price collapse.That is,the company's behavior of arranging financial assets based on “alternative” motives will lead to industrial investment and operational efficiency decline,and the resulting bad will eventually be transmitted to the company's stock price.The group regression is performed according to the different life cycle stages of the enterprise.The results show that there is a difference between the relationship between the financial assets allocation behavior and the stock price collapse risk in different life cycle stages.This effect is most evident in the growth and recession stages of the enterprise.Further empirical analysis shows that the role of corporate financial asset allocation in the risk of stock price collapse is more pronounced in companies with low information transparency and high management costs.In terms of robustness,the main conclusions are not changed by introducing instrumental variables and adding missing variables.The theoretical results of this paper are based on the comprehensive consideration of enterprise life cycle theory and portfolio selection theory,which will help to further enrich and improve the related research on asset allocation behavior.In practical terms,the conclusion of this paper can be management of the company at different life cycle stages put forward targeted suggestions.When configuring financial assets,we should consider the main business objectives of different life cycle stages,avoid short-term speculation,and effectively play the role of preventive savings and risk diversification of financial assets.To provide relevant support for the development of the main business of the entity to promote the role.On the other hand,it provides a theoretical basis for the government to formulate policies in a targeted manner.When promulgating relevant policies,it should pay attention to the problems faced by enterprises at different life cycle stages and establish a dynamic support policy formulation mechanism.At the same time,the corresponding external supervision system is established,the enterprise information disclosure mechanism is improved,and the speculative behavior of the financial assets of the entity is restrained,thereby effectively exerting the resource allocation function of the financial market,revitalizing the real economy and promoting long-term stable economic development.