Research On The Influence Of Financialization On The Performance Of Nonfinancial Listed Companies In China

The financials of China's economy are not only reflected in the growth of the financial industry and the expansion of its business scope,but also in the financial behavior of non-financial companies.As the main carrier of the real economy,non-financial companies should mainly provide products to the society,but a large number of non-financial listed companies begin to invest in financial assets and participate in financial activities in recent years.This paper studies the issue of financials of non-financial listed companies from the micro level,and explains the impact of financials on the performance of non-financial listed companies in China.This helps to improve the understanding of financials of non-financial listed companies in the future.It is also of great practical significance to the strategic decision of non financial enterprises in China and the policy making of the non-financial industry in the new normal economy.This paper starts with the definition of financialization,on the basis of the integration of the literature on the meaning,development status and measurement of non financial listed companies,taking 2010-2017 years A stock non financial listed companies as the research object,selecting relevant data as the research samples.Among them,the financial assets ratio based on balance sheet and the financial investment rate based on the cash flow table are taken as indicators to measure the financial performance.Total assets return is used as indicators to evaluate the performance of listed companies.A fixed effect panel regression model was established to examine the impact of Corporate Finance on the lag of its performance.The empirical results confirm that: 1.the financial performance of non-financial listed companies has a significant impact on corporate performance;2.there is a nonlinear relationship between the performance and financial degree of second industry non-financial listed companies,that is,there is a reverse U relationship.According to the empirical results,this paper puts forward relevant policy suggestions: firstly,from the government macro-control perspective,the government should coordinate the common development of different industry types of enterprises,guide enterprises to carry out R & D investment,promote enterprise technological innovation capacity and market competitiveness and focus on the second industry companies to make the level of the finance at the best level;secondly,from the corporate internal governance perspective,companies should establish a reasonable governance concept,rationally carry out financial investment and integrate industrial capital with financial capital.