The Financialization Of Entity Enterprises And The Growth Of Enterprises:Promoting Or Repressing

In 2008,the financial turmoil swept the world.In order to curb the impact and damage caused by the financial crisis and stimulate the recovery of the domestic economy,my country implemented a 4 trillion economic stimulus plan.However,in the process of carrying out large-scale infrastructure construction,overcapacity has inevitably emerged,resulting in a decline in the profit rate of the real economy,and real enterprises have invested in the financial field,resulting in the phenomenon of enterprises "departing from the real to the virtual",also known as "the real economy".The phenomenon of corporate financialization.At present,my country’s economy has entered a new normal.In the context of economic financialization,how to "get rid of the virtual and turn into reality" and guide the sustainable development of enterprises has attracted the attention of experts and scholars in various industries.Based on the hot issue of the financialization of real enterprises,this paper first reviews the relevant literature at home and abroad,including the definition,motivation and impact of corporate financialization,as well as the definition,measurement indicators and influencing factors of corporate growth.On this basis,the degree of financialization of enterprises is measured from the following three levels:1.Intervention financialization,that is,whether the enterprise allocates financial assets;2.Asset financialization,that is,the proportion of financial assets held by enterprises in total assets;3.Income Financialization,that is,the proportion of corporate financial channel profits to operating profits.Secondly,it expounds the impact of the financialization of real enterprises on the growth of enterprises under the three measurement methods in theory,and puts forward three research hypotheses of this paper.Then,the annual data of non-financial and non-real estate listed companies in Shanghai and Shenzhen A-shares from 2011 to 2020 are selected,and corporate growth is the explained variable;corporate intervention financialization,asset financialization,and income financialization are the three keys.Explanatory variables.A two-way fixed-effect model is constructed to explore the impact of the financialization of real enterprises on their growth.The empirical results show that the allocation of financial assets,the increase in the proportion of financial assets held by my country’s real enterprises,and the increase in the proportion of financial channel profits will all have a negative inhibitory effect on the growth of enterprises,which is not conducive to the long-term sustainable development of enterprises.Especially in the non-state-owned enterprises and manufacturing enterprises,the inhibitory effect of financialization on their growth is more obvious.The robustness of the empirical results is verified by means of endogeneity test,further tail reduction and sub-sample regression.Finally,this paper combines the current economic development situation,the government and enterprises respectively put forward constructive opinions on how to carry out and implement the market economy "removing the virtual and turning into reality" plan.Sustained growth has a certain reference value.