Research On The Influence Of The Moderation Of Enterprise Financialization On Risk-taking

At present,to guard against and defuse major risks is the primary task of our future work,from the micro-level,its essence is to regulate the risk-taking level of enterprises.In recent years,with the rapid development of financial industry,the high rate of return on financial assets attracts entities to proceed financial investment activities.Enterprise financialization can alleviate the financing constraints,and reduce the risk-taking of enterprises.However,according to the theory of financial excess,the excessive development of finance will hinder the healthy development of the economy,the excessive financialization of enterprises will take up the space for the development of the real capital and cause the capital “being distracted from their intended purpose”,raise the level of risk-taking of enterprises.Therefore,this paper studies the influence of financialization moderation on enterprise risk-taking level from the perspective of financialization moderation.This paper selects the A-SHARE listed non-financial enterprises as the research sample from 2009 to 2020,and uses the moderate screening model of financialization to fit the optimal financialization level,then obtains the sample enterprise the financialization moderation.On this basis,the paper establishes a fixed effects panel regression model to verify the impact of enterprise financialization suitability on the risk-taking level,and further analyzes the effect of marketization process in this process.Secondly,the panel threshold model is constructed to verify the nonlinear impact of the above influencing process.The results show that:(1)There is a “U” nonlinear relationship between the degree of enterprise financialization and the level of enterprise risk-taking.In the form of,moderate financialization will reduce the risk-taking level of enterprises,and excessive financialization will increase the risk-taking level.(2)The improvement of marketization process will weaken the influence of enterprise’s financialization on risk-taking whether it is moderate or excessive.Based on this,this paper draws the following inspirations: Firstly,enterprises should pour attention to the principal-agent problem,restrain managements’ behavior of motivation of capital arbitrage;Secondly,enterprises should not only face up to the differences in the risk-return of financial assets,but also attach to establish systematic enterprise risk management mechanism;Thirdly,government departments should do a good job in top-level design and further improve the institutional arrangements for enterprise financialization,establish the laws and regulations of the combination of real economy and financial.