Financialization Of Non-financial Enterprises,Homepage Investment And Operation Risk

In recent years,the growth rate of the real economy has slowed down,the financial industry has developed rapidly,and the rate of return of the virtual economy is much higher than that of the real economy.As a result,non-financial companies have transfered their money to the real estate industry and the financial industry,and the status of financialization has gradually raised.However,on the one hand,the financialization of non-financial enterprises may play a "reservoir" effect,increase the performance of enterprises,and reduce the operational risks of enterprises;on the other hand,the financialization of non-financial enterprises may play a "crowding out" effect,squeezing out the investment in the main business and increasing the operational risks of enterprises,which will also affect the stability of China’s economy and the implementation of major strategies.Therefore,it is of great significance to explore the impact of the financialization of non-financial enterprises on the operational risks of enterprises in China at this stage in the context of the new normal.This paper first sorts out the influencing factors of the definition,measurement,economic consequences and operational risks of non-financial enterprises,and incorporates the nature of investment,internal control and property rights of the main business for literature review.Secondly,the current situation of enterprise financialization in China is analyzed,indicating that the current degree of financialization of non-financial enterprises in China has gradually deepened.Next,this paper further explores the internal mechanism of the financialization of non-financial enterprises affecting business risks,the intermediary role of main business investment,the regulatory role of internal control,and the impact of financialization of non-financial enterprises on business risks under different property rights.Based on theoretical analysis,this paper takes the 2011-2020 A-share nonfinancial listed companies as the research sample,and conducts descriptive statistics,correlation analysis,and fixed effect regression for empirical testing.The research findings show that at the present stage,the financialization of nonfinancial companies obviously increases the business risks of companies;the financialization of non-financial enterprises squeezes out main business investment,and then increases the operational risks of companies,and the investment in the main business plays a part of the intermediary role;internal control plays a negative role in regulating the positive correlation between financialization and operational risk;compared with stateowned enterprises,the financialization of non-state-owned non-financial enterprises has a more significant effect on increasing operational risks.At the same time,in order to solve the endogenous problem,this paper uses two phases of financialization and control variable lag for fixed effect regression,and finds that the conclusion is still true.Further,in this paper,the robustness test is carried out by replacing the explanatory variables,and the conclusions are still robust.Finally,after the previous theoretical and empirical analysis,from the companies and government’s angle,this paper puts forward some proposals:the government level should guide enterprises to return to their main business and rationally allocate financial assets;reasonably guide financial institutions and improve financing channels for non-stateowned enterprises;strengthen the external supervision system and guide the improvement of internal control.At the enterprise level,it should focus on its main business and rationally allocate financial assets;strengthen the quality of internal control and improve the risk management system.