Research On The Impact Of Financialization Of Manufacturing Enterprises On Enterprise Value

At present,our country’s economy is shifting from high-speed growth to high-quality development stage,and this step cannot be separated from the support of the real economy.The manufacturing industry is the leader of the real economy,and its revitalization will undoubtedly find new growth points for the booming of the real economy.However,due to the impact of the epidemic,external trade wars,the weakening of economic growth momentum,the subsidence of demographic dividends,and rising factor costs,the external demand has weakened.It poses a great challenge to the real economy,and the rate of capital return in manufacturing enterprises at the low end of the value chain has fallen sharply.At the same time,the financial industry has shown a good momentum of development.The three factors of capital profitability,low profitability of industrial investment and excessive return in the financial industry With the joint boost,a large amount of capital from manufacturing enterprises has fled from the industry and poured into the financial industry that has made excess profits in the short term,showing a clear phenomenon of corporate financialization.The entity is the root,finance is the supplement,and the financialization of manufacturing enterprises has hindered the high-quality development of Chian’s economy to a certain extent.The "14th Five-Year Plan" emphasizes that my country must effectively suppress the financial self-circulation,prevent the national economy from deviating from the real to the virtual,and lead the economic development.The engine is stable in the real economy,and the strategic prominence of the manufacturing industry is stabilized.As the best indicator to reflect financial management and investment decision-making,enterprise value is faced with a dilemma in the process of pursuing value maximization: on the one hand,the government emphasizes on making the manufacturing industry stronger and better to lead the prosperity and development of the real economy;on the other hand,it is a special period of economic transformation.,the profit margin of the manufacturing industry has narrowed,while the financial and real estate industries have presented a momentum of rapid development.So in the context of the deepening financialization of my country’s manufacturing enterprises,will the financialization of manufacturing enterprises bring damage to the value of enterprises? In-depth research on this issue is necessary.This paper introduces the theory of principal-agent,financing constraints and utility value,and clarifies the specific mechanism from the three dimensions of "crowding out effect","risk effect" and "short-sighted effect".Test the impact of financialization of manufacturing enterprises on enterprise value,and establish a mediation effect model to test the mediating role of physical investment,financial risk and innovation investment in the transmission mechanism.qualitative test.The research results show that:(1)The financialization of manufacturing enterprises has a significant negative effect on enterprise value,that is,the financialization of manufacturing enterprises mainly pursues capital arbitrage,and cannot exert the function of earnings management to back up the value creation of enterprises,but will inhibit the increase of enterprise value..(2)Due to the existence of financing constraints,financialization under the limited resources of enterprises will crowd out physical investment,thereby inhibiting the improvement of enterprise value;secondly,the risk attributes of financial assets and the decline in guarantee capacity due to financialization aggravate the financial risks of enterprises,thereby inhibiting the increase in enterprise value.Increase in corporate value;thirdly,the short-term excess returns brought about by financialization make management favor speculative arbitrage and weaken corporate innovation,reduce corporate market competitiveness,and are not conducive to corporate value enhancement.(3)The effect will be heterogeneous due to external financing constraints and differences in its own scale.Regardless of the level of financing constraints which manufacturing enterprises are facing and the size of the enterprise,their financialization will significantly inhibit the improvement of enterprise value,but inhibit the The effect is more significant in high financing constraints,small and medium-sized companies.(4)Whether it is based on the proportion of financial assets,the proportion of financial profit channels,or the one-period lag of corporate financialization,it shows that the financialization of manufacturing enterprises has a significant negative impact on enterprise value,and the addition of the secondary item of financialization It is not significant,indicating that there is no significant nonlinear relationship,which further verifies the robustness of the results of this study.Follwing with the results,we puts forward countermeasures and suggestions for enterprises to rationally allocate financial assets to maximize value and the government to guide enterprises to "return from virtual reality" from the aspects of external environmental governance and internal control of enterprises.