| In recent years,real enterprises are faced with many difficulties,such as the unstable growth of external economic environment and the weakening of social demand,which leads to the decline of main business revenue,bringing negative impact on the development of enterprises.In order to cope with the current environment,real enterprises are more inclined to adopt diversified asset allocation strategies,especially choose to increase the allocation proportion of financial assets in their asset scale.Although financial investment brings benefits to enterprises in many ways,such as enriching income sources and improving shortterm liquidity.However,under the circumstances of limited resources,excessive attention to investment in non-main business areas may occupy the capital space of the real economy,thus inhibiting its long-term development.In order to guide corporate capital back to the real economy,this paper aims at the trend of "decoupling from real to virtual" in our country and explores the influence of corporate financialization on the total factor productivity and its mechanism from the theoretical level based on the combing of relevant literature.At the same time,it provides the evidence of economic consequences caused by the financialization of enterprises from the micro perspective.Based on the panel data of China’s non-financial listed companies from 2016 to 2021,this paper builds a panel regression analysis model to systematically study the impact of corporate financialization on total factor productivity.In addition,this study verifies the moderating effect of financing constraints on the relationship between firm financialization and total factor productivity,and further puts forward two intermediary variables,asset specificity and firm innovation and R&D input,to explore a new influence path.In addition,from the perspective of firm nature and firm size,this paper also specifically analyzes the heterogeneity of the influence of firm financialization degree on its total factor productivity under different circumstances.According to the research results,there is an inverted U-shaped relationship between the degree of firm financialization and the total factor productivity.Financing constraints can regulate the impact of corporate financialization on total factor productivity.The greater the degree of financing constraints,the greater the inhibition of corporate financialization on total factor productivity.In addition,in the study of the transmission path of firm financialization to total factor productivity,this paper discusses two transmission channels of "asset specificity" and "firm innovation R&D investment".The calculation results of this paper show that the optimal allocation ratio of financial assets of China’s non-financial listed companies is about 13.01%.Therefore,enterprises should control the allocation level of their financial assets within the appropriate scope,and regulate the management of financial investment activities,so as to make full use of financial services to promote the development of the real economy and provide support for the real economy to achieve high-quality development. |
