Research On The Impact Of Enterprise Financialization On Enterprise Operation Risk

In recent years,the growth of real economy has slowed down.On the contrary,the financial industry has entered a stage of rapid development.More and more enterprises increase their holdings of financial assets in order to transform development and expand profits.China's non-financial enterprises gradually appear the phenomenon of "enterprise finance".The deepening of the financial level of non-financial enterprises makes a large number of capital flow into the financial industry,makes enterprises ignore the development of the main business,and further exposes a large number of enterprises to financial risks.The purpose of this paper is to study the impact of non-financial enterprise financialization on business risk,explore the impact path between them,and empirically test the relationship between non-financial enterprise financialization and business risk through the data of Listed Companies in China.Referring to the previous theoretical and empirical research,this paper combs the definition,measurement,motivation,driving factors and economic consequences of enterprise finance.Through further theoretical analysis,this paper puts forward the possible path of the influence of the non-financial enterprise's financialization on the enterprise's operational risk.In this paper,the author thinks that the enterprise finance will reduce the investment of the main business,and then affect the innovation of the enterprise itself,and increase the business risk of the enterprise.Due to the problem of "financing constraints" among enterprises,the "repayment risk" generated by enterprises with high financing constraints may be transferred to enterprises with low financing constraints,and enterprises with low financing constraints act as "entity intermediary",which will increase the business risk of enterprises.Therefore,it canbe seen that the non-financial enterprise financing can affect the business risk through "innovation channel" and entity intermediary channel.The results show that: considering the endogeneity of the model,the deepening of the financial degree of non-financial enterprises increases the business risk of enterprises.By distinguishing the types of enterprise ownership,it is found that the deepening of the financial degree of non-state-owned enterprises will increase the business risk of enterprises,while the state-owned enterprises are not obvious.At the same time,it is found that the deepening of the financial level of non-financial enterprises in the central and western regions will increase business risk,while the deepening of the financial level of non-financial enterprises in the eastern region will reduce business risk.Further,the function mechanism test shows that the enterprise finance will increase the enterprise's management risk by influencing the enterprise's innovation ability,which is the intermediary variable.At the same time,due to the existence of financing constraints among enterprises,the enterprises with low financing constraints act as "entity intermediary",and the enterprises with high financing constraints face "loan repayment risk".Through the transmission of the balance sheet,the operation risk of the enterprises with low financing constraints is affected.At the same time,in order to consider the robustness of the model,we adopt two periods of lag of explanatory variables,measure the explanatory variables by other methods,and distinguish the scale of enterprises.The results show that the original model has good robustness and the regression results are relatively reliable.Finally,according to the empirical regression results of the model,relevant policy suggestions are put forward from the company level and the government level.