Research On The Influence Of Financial Assets Investment Of Entity Enterprises On Enterprise Value

Economy in our country at present,in the period of the new normal entity enterprise in our country in the process of seeking to maximize the enterprise value is facing enormous challenges,the entity enterprise operating margins in recent years the trend of decline,and the financial industry is rapid inflation,under this background,the entity enterprise also quietly changed the investment behavior,the pursuit of high profits and to prevent a shortage of funds,The capital of the real enterprise is not allocated to the real investment but to the financial asset investment.This change leads to the rapid increase in the proportion of the financial asset investment of the real enterprise,resulting in the phenomenon of corporate financialization.As the entity enterprise financialization deepening,financial asset investment as a kind of investment behavior of entities companies will inevitably affect the entity enterprise value creation,but the entity enterprise financial assets investment to the influence of enterprise value is uncertain,entity enterprise financial assets investment by high yield stable entity enterprise development,It may also have an impact on the main business of enterprises.Therefore,it is of great importance to study the influence of financial asset investment behavior of entity enterprises on enterprise value,which is of great significance to value creation and sustainable development of entity enterprises,and can provide reference for entity enterprises to deal with the relationship between financial asset investment and entity investment.Financialization from the enterprise perspective,this paper studies the key lies in the entity enterprise financial asset investment’s influence on the enterprise value,based on existing research,first of all,from the Angle of theory discusses the entity enterprise financial assets investment impact on the enterprise value mechanism,including entity enterprise financial asset investment motives,its impact on the enterprise value path.Secondly,by sorting out the financial assets data of China’s entity enterprises,the current situation of the level of investment in financial assets of China’s entity enterprises and enterprise value is analyzed,so as to find the changing trend and structural characteristics of the investment in financial assets of China’s entity enterprises.Based on theoretical and practical analysis,this paper selected the entities listed companies during 2010-2020 as sample,this paper overall study build quadratic model studies the entity enterprise financial assets investment level of the enterprise value between the nonlinear influence,according to the liquidity of financial assets at the same time,to distinguish the different term financial asset investment’s influence on the enterprise value,Finally,it further considers the difference of the influence of financial asset investment on enterprise value.The empirical results show that the entity enterprise financial asset investment’s influence on the enterprise value is nonlinear,presents the "inverted U",there are significant differences between different period of financial assets,long-term investment in financial assets compared with short-term financial asset investment’s influence on the enterprise value is more apparent,present the nonlinear inverted ushaped relationship.Further exploring the differences of enterprises of different ownership,the study found that non-state-owned enterprises and state-owned enterprises have a certain degree of difference in the impact of enterprise value.Finally,combined with the research conclusions,this paper puts forward corresponding suggestions for the financial asset investment of China’s entity enterprises: when investing in financial assets,China’s entity enterprises should consider the enterprise itself,make reasonable and appropriate financial asset investment,and choose the appropriate type of financial asset investment,which is conducive to the long-term development of enterprises;On the other hand,the government should strengthen supervision,improve the financing problems of real enterprises through policies,and guide enterprises to regulate financial asset investment.