| Since the 1980s,with the economic growth and continuous financial innovation of the world’s major economies,the economies of most countries have shown a trend of financialization to varying degrees.In my country,with the increasingly prominent problem of overcapacity in real enterprises,the phenomenon that the return on real investment is far lower than that of virtual investment has led to the fact that real enterprises have held financial assets one after another.Common,prominent problems.At the same time,holding financial assets will affect the financial status of the enterprise,aggravate the financial risk of the enterprise,and then make the enterprise unable to repay its debts and lead to bankruptcy.Therefore,it is very necessary to discuss the influence mechanism of enterprise financialization on bankruptcy risk,which has important theoretical and practical significance for how to control microenterprise risk and prevent enterprise bankruptcy crisis.From a microscopic perspective,this thesis takes the 2011-2020 annual report data of listed non-financial companies in my country as a sample to study the impact of corporate financialization on bankruptcy risk.In the research process,the concept of financialization and bankruptcy risk is firstly defined,and the influence mechanism of financialization on bankruptcy risk is explained from the perspective of theoretical analysis.Finally,on the basis of theoretical research,this thesis empirically studies the impact path of corporate financialization on bankruptcy,and conducts heterogeneity analysis based on the nature of property rights,industry and corporate size.This thesis also studies the internal mechanism of financialization on bankruptcy risk,and tests the intermediary effect mechanism from three aspects:the level of corporate financial liabilities,the level of entity investment,and the performance of main business.From the regression results of the empirical analysis can find conclusions as:Firstly,between financialization behavior and enterprise bankruptcy risk there is a positive correlation,that is,financialization increases the risk of bankruptcy,which means that excessive investment in financial assets will lead to greater bankruptcy risk of enterprises.Secondly,financialization will indirectly affect the bankruptcy risk of enterprises by affecting the level of corporate debt,physical investment and performance of the main business.However,the transmission paths of the three are not exactly the same.The specific embodiment is that financialization will reduce the bankruptcy risk of enterprises through the transmission path of leverage ratio.At the same time,financialization will reduce the scale of physical investment of enterprises and the performance of main business,and increase the risk of bankruptcy of enterprises..Thirdly,in terms of differences in enterprise property rights,due to the particularity of state-owned enterprises,holding higher financial assets does not bring greater bankruptcy risk,but the bankruptcy risk of non-state-owned enterprises is more affected by financialization.In terms of scale differences,the effect of small-scale enterprises gradually decreases from small-scale enterprises to large-scale enterprises.Among them,the financialization behavior of small-scale enterprises has the most obvious impact on bankruptcy risk,and large-scale enterprises have the least impact due to their low financing constraints and strong anti-risk capabilities.In terms of industry differences,manufacturing enterprises,due to their asset-heavy nature,will squeeze out physical investment and have a greater impact on the performance of the main business when they invest too much in financial assets,and the risk of bankruptcy caused by financialization will be greater. |
