Research On Chinese Enterprises' Financial Degree,its Influencing And Economic Consequences

In recent years,the relationship between the financial sector and the real economy has become increasingly subtle,and the pattern of economic financialization is accelerating.The profit accumulation based on financial channels has gradually become the dominant mode of enterprise profit.The financialization of listed companies is becoming increasingly fierce.According to the research,the average size of financial assets and the ratio of financial assets to total assets of non-financial listed companies from 2002 to 2014 are on the rise,with the average size growing from 346 million to 1.19 billion.The trend of shifting from real economy to virtual economy has drawn close attention from party and state leaders.Premier Li stressed in the 2017 government work report that "the real economy has always been the foundation of China's development." At present,China's economy is in a critical period of structural transformation under the "new normal",and it is very important to revitalize the real economy for the sustainable development of economic growth.The financialization of non-financial enterprises is related to the revitalization and development of China's real economy.This paper takes the A-share listed non-financial companies' data from 2003 to 2017,analyzes the current situation of Chinese enterprises' financialization,and explores the external factors affecting financialization and the impact of financialization on the asset specificity and income level of enterprises.The research finds that:(1)the overall trend of enterprise financialization is on the rise,and the degree of labor-intensive enterprises,enterprises in eastern region and state-owned enterprises is higher;(2)macroeconomic growth and prosperity of financial market will promote enterprises to invest and hold financial assets,while the capital intensity of the industry will significantly inhibit the trend of enterprise financialization;(3)the degree of company financialization is deepened,although beneficial.At the level of financial assets income,it impairs the profit margin of real assets,and ultimately impairs the overall income level of assets,and asset specificity plays a part of intermediary effect between financialization and real returns;(4)External factors mainly affect the level of financialization by affecting the holding of long-term financial assets of enterprises.The contribution of this paper may lie in the following aspects: first,it analyzes the differences in the degree of financialization of micro enterprises from multiple perspectives starting from the phenomenon of financialization,which is conducive to the control of the degree of financialization by relevant national departments and enterprises themselves,so as to adjust the financialization structure.Second,this paper not only studies the influence of economic growth and monetary policy on the financialization of enterprises,but also explores other possible incentives affecting the financialization of enterprises from the perspective of financial market and industry characteristics,providing new ideas for external factors to influence the path of financialization of enterprises.Third,this paper studies the economic consequences of financialization from the perspective of investigating the impact of financialization on corporate performance,and further explores the intermediary role of asset specificity in the degree of financialization and the real rate of return,which is conducive to clarifying the mechanism of the economic consequences of financialization.