Research On The Impact Of Financialization Of Entity Enterprises On Enterprise Efficiency

In recent years,China’s financial market has been booming,the return rate of investment in real industries has been declining,a large amount of social capital has poured into finance,real estate and other fields,and the tendency of real enterprises to "abandon the real and invest in the virtual" has become increasingly serious.National economic development is facing the severe challenge of "industrial hollowing out".There is no doubt that in the context of high-quality development,China’s economy has shifted from a stage of high-speed growth to a stage of high-quality development.Only efficient production and operation can provide stronger support for the development of enterprises.Therefore,in the context of the increasingly intense "virtualization" phenomenon of Chinese economy represented by the finalization of real enterprises,real enterprises invest a large amount of capital in the financial market in pursuit of excess profits.Will this lead to "low efficiency" of enterprises?Financial assets held by the second,because has the long-term and short-term and long-term financial assets is more pay attention to long-term gains or speculative arbitrage,short-term financial assets is to get more short-term profits or for precautionary savings motive,and configuration of different level of liquidity of financial assets to the enterprise efficiency affect whether there is any difference? In addition,considering that financial investment decisions are affected by financing constraints,will the relationship between financialization of real enterprises and corporate efficiency change dynamically under different financing constraints?Furthermore,for enterprises with different technological characteristics and different property rights,does financialization have different effects on enterprise efficiency?The answers to the above questions are not only conducive to in-depth understanding of the micro-economic consequences of financialization,but also have a strong reference significance for China’s real enterprises to formulate financial strategies to improve corporate efficiency.Based on the above research background,this paper takes a-share non-financial listed companies in Shanghai and Shenzhen stock markets from 2010 to 2020 as research samples.Through the status analysis of core variables and the establishment of multiple regression model,this paper investigates the influence of financialization of entity enterprises on enterprise efficiency.The main conclusions are as follows:(1)The number of listed entity enterprises allocating financial assets shows a trend of "substantially increasing at first,then slightly decreasing";The average proportion of financial assets held in total assets increased significantly,and the average annual proportion of financial assets held by non-high-tech enterprises was significantly higher than that of high-tech enterprises,and that of state-owned enterprises was significantly higher than that of non-state-owned enterprises.(2)The comprehensive efficiency level of the whole sample enterprises shows a trend of "decreasing first and then increasing".The average annual comprehensive efficiency of high-tech enterprises is lower than that of non-high-tech enterprises,and the average annual comprehensive efficiency of state-owned enterprises is higher than that of non-state-owned enterprises.The average annual main business efficiency of the whole sample enterprises is 0.0592,the average annual main business efficiency of high-tech enterprises is higher than that of non-high-tech enterprises,and the average annual main business efficiency of state-owned enterprises is lower than that of non-state-owned enterprises.(3)There is a significant negative correlation between entity financialization and comprehensive efficiency and main business efficiency;There is a significant negative correlation between long-term financial asset scale and comprehensive efficiency and main business efficiency,while the negative correlation between short-term financial asset scale and comprehensive efficiency and main business efficiency does not pass the significance test.Based on the threshold effect analysis of financing constraints,it is found that there is a significant "U"-shaped nonlinear interval effect between the financialization of solid enterprises and the comprehensive efficiency and the main business efficiency due to the difference of financing constraints.(4)Compared with high-tech enterprises,financialization behavior of non-high-tech enterprises has a greater negative effect on comprehensive efficiency and main business efficiency;The financialization of non-state-owned enterprises has a greater restraining effect on comprehensive efficiency and main business efficiency than state-owned enterprises.The research results can provide a decision-making basis for regulators to regulate the financial investment behavior of real enterprises and enterprises to formulate financial investment strategy.