Financial Asset Allocation And Corporate Competitiveness

As China's economic development enters a new normal,the pursuit of high-quality economic growth has become the main direction of future economic development.In the process of promoting high-quality economic growth,how to achieve a transformation from factor-driven to innovation-driven has become a major focus of China's economic development Difficulties.Physical enterprises are the cells of the macro economy,and economic growth is inseparable from the value accumulation of physical enterprises.The report of the 19 th National Congress of the Party also pointed out that the development of physical enterprises has a vital role in economic revitalization and the construction of a modern economic system.Therefore,studying how to improve the competitiveness of physical enterprises and achieve sustained and high-quality economic growth is an important issue in the current practical and theoretical circles.In recent years,there is a risk of "off-real to virtual" in the process of economic development,which appears from the macro level as an imbalance between the allocation of financial resources and the development of the real economy.Enterprises are more inclined to financial resource allocation and from the micro-level as corporate assets and liabilities The proportion of financial assets in the table continues to expand or the part of corporate profits derived from financial income has increased.This issue has attracted widespread attention from the government and academia.The ratio of operating assets to financial assets allocation is the key to affecting the competitiveness of enterprises.However,due to the high-risk and high-yield characteristics of financial investment and the rapid rise in housing prices in recent years,the return on capital in the financial and real estate industries is much higher than the return on physical investment.rate.In order to obtain excess compensation,a large number of physical enterprises enter the financial and real estate industry by allocating financial assets.Does this result in an unbalanced ratio of business assets and financial assets allocation? Does it cause the company to ignore the development of its main business and affect its competitiveness?In order to solve the above problems,this paper selects the relevant data of Shanghai-Shenzhen A-share listed companies from 2007 to 2017,and studies the financial asset allocation with dual attributes of "reservoir effect" and "squeeze effect" on the competitiveness of enterprises.The following conclusions are drawn: First of all,from a general perspective,the allocation of financial assets weakens the competitiveness of enterprises,which is reflected in the "squeeze effect".The above conclusions are still valid after a series of robustness tests and endogenous tests.Secondly,the mechanism of financial asset allocation influencing the competitiveness of enterprises is further studied.It is found that excessive financial asset allocation reduces corporate entity investment and innovation investment and thus affects enterprise competitiveness.That is,there is a partial intermediary effect between entity investment and innovation investment.Finally,it examines the effect of financial asset allocation on corporate competitiveness under the nature of property rights and differences in financial asset structure,and finds that the negative impact of financial asset allocation on corporate competitiveness is even more common among soes and companies with a higher share of long-term financial assets.For notable.The findings of this article reveal the phenomenon that the economy's "removal from reality to virtuality" causes a decline in the competitiveness of enterprises.From a theoretical point of view,this article enriches the research on the influencing factors of enterprise competitiveness to a certain extent.From a practical point of view,through in-depth research on the intermediary and regulatory effects between financial asset allocation and enterprise competitiveness,it will help enterprises to form business asset investment based on their own property rights attributes and industry characteristics,and financial asset investment is The auxiliary development concept cannot be abandoned by the main business side by side.