| At the current stage,while the financial industry in China is expanding rapidly,the real enterprises are facing internal and external development pressure,and the manufacturing enterprises are in danger.From a micro perspective,the capital deepening of manufacturing enterprises must first carry out large-scale fixed asset investment.However,A large amount of investment in financial assets is bound to reduce the investment of enterprises in real assets,which may lead to enterprises changing the optimal production decisions,which seriously restricts the development of enterprises,and thus affects the upgrading of China’s manufacturing industry.Based on this,this thesis discusses the impact of enterprise financialization on the capital labor ratio of manufacturing enterprises through the combination of literature review.Then it discusses the intermediary role of financing constraints in the path of enterprise financialization affecting enterprise factor allocation with the help of intermediary effect model,Finally,we measure the difference of the intermediary effect of financing constraints under the conditions of different ownership nature,different life cycle stages and different regional heterogeneity.Finally,this thesis draws the following conclusions:(1)On the whole,the financialization of manufacturing enterprises significantly inhibits the improvement of the capital labor ratio of enterprises,with long-term illiquid financial assets having a stronger inhibitory effect;(2)Financing constraints play a mediating role between the two processes.while fiscal policy and monetary policy play a regulatory role.The government should play a guiding role,create a good financing environment,and strengthen the construction of the financial regulatory system;Enterprises should correctly understand the relationship between investing in financial assets and developing their main businesses. |
