| From 2008 to 2016,the rate of financial investment of Chinese non-financial sector has been on the rise.However,the rate of industrial investment has been declining steadily.To explain this phenomenon,this article first analyzes the trend and the reason of financialization,finding that the motivations of financialization for different firms are not the same.So one index for financialization isn't reasonable,the index should be divided into different parts.From the perspective of capital operation,the financialization index can be divided into outward financial expenditure and inward financial income.By building a dynamic panel data model,we can find that financialization does reduce the rate of industrial investment.In addition,from the perspective of motivations,the financialization index can be divided into transactional financial assets and investment financial assets.Then,we introduce the financial ecological environment and discuss the effect of financialization on industrial investment,especially we focus on the regulation effect of financial ecological environment,conclusions are:First,from the perspective of capital operation,the outward-oriented financial expenditure has a one-stage lagging squeeze effect on the industrial investment and the inward financial income has a two-stage lagging enhancement effect on the industrial investment.If the lagging is ignored,the whole degree of financialization of non-financial enterprises in our country has a crowding-out effect on industrial investment.Second,under the perspective of motivation heterogeneity,both transaction type financial assets and investment financial assets have negative effects on industrial investment,and the negative effect of trading financial assets is more obvious.In addition,the financial ecological environment of enterprises will enhance the relationship between financialization and industrial investment.The two perspectives jointly verify that the enterprise financialization does reduce the industrial investment.So,in the end,this paper puts forward feasible suggestions for enterprises and governments. |
