The Impact Of Manufacturing Enterprises’ Financial Investment On Their Main Business Performance

In recent years,compared with other industries,the profit margin of China’s financial industry has increased significantly,while the profit margin of manufacturing enterprises shows a declining trend,leading manufacturing enterprises to pay too much attention to financial investment and turn to financial asset investment one after another.The global financial crisis in 2008 alerted the world that the importance of the real economy with manufacturing as the core was rerecognized.China has proposed a "" made in China 2025 " " strategic plan aimed at building a strong manufacturing nation.China’s manufacturing industry has entered a critical stage of transformation and upgrading.In this critical period,it is particularly important to guide manufacturing enterprises to change from virtual to real,seize opportunities,and pay attention to the relationship between financial investment behavior and its main business performance.In this context,116 enterprises of a-share manufacturing enterprises listed on the main board of the shenzhen stock exchange were selected as the research objects in this paper.Through empirical analysis in different economic stages,the changes in the operating performance of the main businesses of 116 listed enterprises after their financial investment were studied.In the first chapter,this paper expounds the research background,research purpose and significance,research content,research ideas and methods,and innovation points,including the change from real economy to virtual economy,economic volatility,financial investment situation of manufacturing enterprises at the present stage,and the declining profit rate of the real economy.In the second chapter combed and summarized the related literature at home and abroad and on the stage for later theory,mainly including the definition and measurement of financial investment,manufacturing enterprises for financial investment dynamics,the influence factors of operating performance,financial investment and corporate business performance correlation research and economic fluctuation and the enterprise investment behavior correlation research.The third chapter carries on the model design and the descriptive statistical analysis,in the fourth chapter draws the conclusion through the empirical analysis and carries on the detailed analysis to the result.Finally,the fifth chapter summarizes the research conclusions and puts forward Suggestions.Based on the shenzhen stock exchange main board listed a-share manufacturing 116 companies as the research sample,from 2003 to 2017 as the timeline,and divided into two stages,namely from 2003 to 2007 years of economic expansion,as well as 2008-2017 recession,for financial assets investment for manufacturing enterprises is discussed in this paper the influence of its main business management performance.Besides regardless of economic stage of the general discussion,this paper also by the economic environment volatility as the background,the stage of economic and financial asset investment and the operating performance of main operations into a unified research framework,the multiple regression model is established,and discusses the economy is in a dynamically under different stages of enterprise financial asset investment on its main business performance.The research results show that :(1)when the economic environment fluctuation is not taken into account,the financial asset investment of manufacturing enterprises generally has an inhibitory effect on their main business performance;(2)during the period of economic expansion and economic recession,the proportion of financial asset investment is negatively correlated with the business performance of the enterprise’s main business;(3)compared with the economic recession,the financial asset investment of manufacturing enterprises in the economic expansion period has a stronger inhibiting effect on their main business performance.The research conclusion of this paper supports the rationality of the state’s policy of encouraging the transformation from virtual to real,which helps to guide the financial behavior of enterprise managers,promote the healthy and sustainable development of enterprises,and promote the transformation of China from a manufacturing power to a manufacturing power.Finally,according to the research conclusions,the countermeasures and Suggestions are put forward.On the one hand,government departments should strengthen supply-side reform and release dividends to manufacturing enterprises.On the other hand,enterprises should speed up the transformation and upgrading,establish a mechanism to cope with the fluctuations of the economic environment,improve the financial investment management link,the most important is that manufacturing enterprises need to take immediate action to meet the changes in the manufacturing industry,grasp the opportunities,improve their competitiveness,and cope with the dual pressure of internal challenges and external environment changes.