Research On The Impact Of Financialization On Enterprise Financial Risk

In recent years,China’s currency circulation continues to rise,but the consumption level of residents and the investment scale of real enterprises have not significantly improved,which is caused by the rapid expansion of China’s virtual economy,a large number of funds in the financial field idling,the economy presents a "removing reality to virtual" situation.This thesis aims to study the influence of financialization on enterprise financial risk,and enrich existing studies on entity financialization by discussing the intermediary transmission mechanism of financing cost and the adjustment effect of external economic environment on this mechanism,and provide reference significance for enterprises’ resource allocation choice.This article selects 2007-2019 A-share listed companies empirical test,the data measured by using the classic value model of enterprise financial risk,financial assets share of total assets to measure business financialization of level,selection of debt financing costs as a intervening variable,business area,and marketization degree of easing monetary policy as condition variable,constructed a moderated mediation effect model to analyze the mechanism of financialization on corporate financial risk.The results show that:(1)Financialization increases financial risk by increasing debt financing cost;(2)Compared with regions with low marketization degree,the magnifying effect of corporate financialization on debt financing cost is alleviated in regions with higher marketization degree,and the corresponding magnifying effect on financial risk is also relatively weakened;(3)The higher the degree of monetary policy easing,the debt financing cost of enterprises will deepen the deterioration of corporate financial risks.After solving the endogeneity problem and passing the robustness test.The enlightenment of this thesis is as follows:first,enterprises should rationally allocate financial assets to prevent financial risks;second,enterprises should pay attention to the changes of macroeconomic forms,clarify the characteristics of regional development,and control the financial status of enterprises;third,relevant departments should strengthen financial supervision,improve enterprise information transparency and safeguard the environment for economic development.