| Financial liberalization reform and financial innovation have accelerated the development of the financial industry since 2012.Though the implementation of the the supply-side structural reform in 2015 has made many breakthroughs,the speed of economic growth didn’t adapt to the reform,making real economy becomes weak with real estate and financial industry increasing significantly.The problem of economic financialization has become increasingly prominent,which attracted much attention.This thesis comprehensively inspects the current situation of the financialization of property industry enterprises in China,deeply analyses the impact of the enterprises financialization on industrial investment,and explores the medium function of financial market and firm heterogeneity in order to provide a theoretical reference for accelerating economic transformation and upgrading,promoting high-quality economic growth and further improving financial markets.The model is built based on the neo-Keynesian investment model,integrating the factors of financial market development,enterprise scale and property rights,and comprehensively discusses the theoretical logic of enterprise financialization.Then,it takes all A-share listed companies except financial and property industries as samples from 2007 to 2017,using data maps to present the regional characteristics of financialization objectively.Finally,empirically test the impact of enterprise financialization on industrial investment and the influence of financial markets.Results show that China’s real sector is going financialization,as fix investment rate slumps,along with financial capital,financial investment,financial income and payment increase.But financialization characteristics show different among regions.Enterprise financialization is obviously crowding-out real investment while for SMEs making some reservation.And the development of financial market has not alleviated external financing cost,but intensified the crowding-out impact on the contrary.It is due to enterprise’s profit-seeking motivation,maximization of shareholder value and also financing discrimination in the financial market.Measures are required to match the strength of supply-side structural reform with the process of financial system improvement,including establish and improve the financial market financing system,dredge financing channels in the indirect financing market,and develop the direct financing market stably and orderly.Meanwhile,improve the internal governance structure of the enterprise and establish a scientific incentive-mechanism for managers. |
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