Research On The Impact Of Financialization Of Real Enterprises On High-Quality Real Enterprises Development

In the report of the 19th National Congress,General Secretary Xi Jinping proposed that "China’s economy has shifted from a stage of high-speed growth to a stage of high-quality development".The new requirements for economic development in this new era indicate that achieving high quality economic development is what will allow China’s economy to have a sustainable future.As the pillar of China’s real economy,the Chinese economy can only achieve high-quality development if real enterprises achieve high-quality development.In the context of the increasingly common phenomenon of financialization of real enterprises,this paper selects the annual data of A-share listed companies from 2009 to 2020 as the original sample.and removes the annual samples of companies in the financial industry and real estate industry,the annual samples of ST and*ST companies,and the annual samples of companies with missing data to empirically study the impact of financialization of real enterprises on their high-quality development.This paper finds that the financialization of real enterprises has a significant negative relationship with high-quality development of enterprises through regression analysis,which proves that the "crowding out effect" of financialization of real enterprises is greater than the"reservoir effect",and it has a significant inhibitory effect on high-quality development of enterprises.And the financialization of real enterprises is a disincentive to high-quality development of real enterprises by inhibiting real enterprises innovation and investment in physical capital.Further analysis reveals that financialization is significantly negatively related to high-quality real enterprise development in state-owned enterprises,while it is significantly positively related to high-quality real enterprise development in non-state-owned enterprises;financialization is significantly negatively related to high-quality enterprise development in enterprises with low profitability,and is not significantly related to high-quality enterprise development in enterprises with high profitability.The empirical study in this paper adds to and enriches the existing literature,and can guide real enterprise managers to allocate financial assets rationally,view the financialization of real enterprises prudently,and recognize the importance and strategic nature of high-quality real enterprise development.It also enables national economic policy-making institutions to see the impact of the financialization of real enterprises on the high-quality development of enterprises so as to adjust the policy guidance and supervision,and guide real enterprises to make high-quality development the goal of their future development.