Research On The Impact Of Financialization On Corporate Value

As China’s economic development moves into the new normal,the growth rate of my country’s real economy has slowed down,while the growth rate and profit margin of the financial industry are much higher than those of the real industry.The trend of financialization is obvious,which affects the value of real enterprises to a certain extent.This paper selects China’s A-share non-financial listed companies from2007 to 2019 as a research sample,and builds a model to analyze the mechanism relationship between corporate financialization and corporate value.This paper measures corporate financialization through financial asset allocation indicators,and analyzes the impact of corporate financialization on corporate value from the perspectives of static financial asset holdings and dynamic financial channel profits.Among them,the leverage variable of asset-liability ratio is selected as the intermediary.The variables construct a mediating effect model to analyze the impact mechanism of corporate financialization on corporate value through this leverage.In addition,the robustness of the mediation effect mechanism was further tested,and the heterogeneity analysis was carried out into three regions,namely the eastern,central and western regions,and finally the endogeneity test was carried out.The results show that: for enterprises with strong capital accumulation motives,the more financial assets they hold,the more they help to enhance the value of the enterprise.For enterprises with strong market arbitrage motives,the increase in financial channel profits will inhibit the value of enterprises.The difference between regions is obvious,the impact mechanism of corporate financialization on company value in the eastern region is more reasonable and significant,and there is a certain lag in the central and western regions;the mediating effect of the intermediate variable of asset-liability ratio on static channels The mechanism is more obvious,and the dynamic channel is weaker.Finally,according to the research results,this paper puts forward corresponding countermeasures and suggestions: In the short term,enterprises themselves take advantage of financialization,and the government cooperates to formulate positive policies to promote the company’s value;in the medium and long term,enterprises do a good job of internal asset allocation and long-term planning,and government supervision and prevention Control "over-financialization" and maintain steady growth in corporate value;accelerate deleveraging and guide finance to support the development of the real economy.