Research On The Impact Of Enterprise Financialization On Real Business Investment

In recent years,with the declining trend of China’s real economy,the enthusiasm of enterprises for the real economy has also continued to decline.At the same time,the investment enthusiasm of enterprises in the financial field has gradually increased,and a large number of industrial capital has continuously poured into the financial field,resulting in the deepening of the degree of financialization of enterprises and the reduction of investment in the real business,It has become a new trend of China’s economy.If things go on like this,they will seriously weaken our real economy,and excessive "de going to reality" will easily cause economic bubbles.In order to explore the impact of enterprise financialization on real business investment,this paper selects the financial data of China’s A-share listed enterprises from 2010 to 2019 as the research basis,combined with the relevant concepts and theoretical basis of financialization,and theoretically analyzes the crowding out effect and reservoir effect of enterprise financialization on real business investment,According to the different characteristics of the enterprise produced by the different impact of a comprehensive analysis.Based on the theoretical analysis and the empirical analysis of the financial data of enterprises,the fixed effect model is used to analyze the impact of enterprise financialization and real business investment.The conclusions are as follows:1.On the whole,the transformation of enterprise financialization has a significant negative effect on real business investment,When an enterprise invests in trading financial assets,it has a reservoir effect on real business investment,while when an enterprise invests in non trading financial assets,it has a significant crowding out effect on real business investment.② When the degree of financing obstruction is high and the monetary policy is loose,it will have a significant negative impact on enterprise financialization and real business investment.③ The crowding out effect of state-owned enterprises,enterprises in high marketization areas and manufacturing enterprises on real business investment will be more significant.On the basis of the research conclusions,this paper puts forward countermeasures and suggestions from three aspects:optimizing the allocation of financial assets,improving the investment efficiency of real business and strengthening the supervision of financial capital.The results of this paper can provide valuable reference for business investment,guide more capital to invest in the real economy,promote the transformation of China’s industrial structure and revitalize the development of the real economy.