An Analysis Of The Influence Of Religious Culture On The Financialization Of Entity Enterprises

In recent years,more non-financial enterprises have begun to increase the allocation of financial assets,resulting in the phenomenon of financialization of real enterprises in China becoming more and more prominent.The financialization of entity enterprises is affected by many factors.Scholars mostly pay attention to the relationship between formal systems such as laws and government policies and the financialization of entity enterprises,but little informal systems.Informal systems,such as religion,can effectively supplement formal systems and have a significant impact on corporate behaviors.This paper attempts to explore the relationship between China’s religious culture and the financialization of real enterprises.In this paper,the data of Chinese A-share listed companies from 2008 to 2018 are collected,and construct the multiple regression model.The results show that:(1)there is a significant positive correlation between religion and the financialization of enterprises;(2)The educational level of the chairman and the degree of regional marketization can make a difference between religion and enterprise financialization.The lower the chairman’s educational background and the higher the degree of regional marketization,the more obvious the influence of religion on enterprise financialization.(3)The degree of financial market participation plays a partial intermediary role between religion and enterprise financialization,which indicates that religion can promote the participation of micro-subjects in financial market by promoting the social integration and exchange of local residents,thus promoting the financialization of entity enterprises.This paper from the important informal angle of religion,and expands the research on the financialization of entity enterprises.In practical sense,the relevant suggestions put forward by this paper from the perspective of informal system will help the government and enterprises to open their minds and consider from more angles to avoid the harm caused...