Research On The Influence Of Moderation Of Enterprise Financialization On Total Factor Productivity

Nowadays China’s economy has entered a high-quality development period,and the improvement in total factor productivity(tfp)of enterprises is an important way to promote industry transformation and upgrading and implement high-quality development.Due to the expansion in financial market,entity enterprises allocate plenty of financial assets in order to make excessive profits,which makes the development of enterprises gradually deviate from their main business,Impact on sustainable development of enterprises.Then Chairman Xi emphasize on preventing the economy from "Departing from Reality for Virtuality " frequently.Then this study makes an in-depth study of the between the current financial behavior of entity enterprises and its tfp.According to the theory of financial over-expansion,there is a"threshold effect" between financial development and economic growth.From the perspective of macroeconomic development,the high-quality development of the economy needs the support of an efficient financial system.The over-expansion of the financial system will crowd out the development resources of the real economy.From the perspective of microenterprises,the allocation of financial assets,as the main form of corporate financialization,is conducive to improving the liquidity of assets and is the normal investment behavior of enterprises.However,it is also necessary to beware of the over-financialization of enterprises in order to obtain investment income.Therefore,this study first screened the appropriateness of enterprise financialization,and then discussed the impact of the appropriateness of enterprise financialization on enterprise’ tfp.Affected by the global macroeconomic fluctuations and the transformation and upgrading of China’s industrial structure,China’s government frequently carries out macroeconomic policy regulation.Therefore,this dissertation incorporates macroeconomic policy into the analysis framework.This dissertation takes the listed companies in Chinese A stock market from 2012 to 2021 as a sample,and finds that:(1)there is an inverse "U"relationship between the moderation of enterprise financialization and tfp,and the over-financialization of enterprises will hinder the improvement of total factor productivity,while the non-over-financialization will act as a boost.(2)Government subsidies can alleviate the negative correlation between enterprises’ over-financing and total factor productivity;Loose monetary policy will aggravate the negative correlation between overfinancing and total factor productivity.(3)The impact of the financialization of real enterprises on the total factor productivity of enterprises shows heterogeneity,and the inhibition of over-financialization on non-state-owned enterprises,manufacturing enterprises and small-scale companies is more significant.This dissertation considers that enterprise financialization ought to be dealt with dialectically,affirming the positive significance of appropriate allocation of financial assets,while it is also have occasion to forestall the speculative tendencies of enterprise financialization contrapuntally,so as to put forward practical suggestions for enterprises to optimize the asset allocation structure and heighten asset utilization,helps to classify and supervise enterprises’ "excessive financialization" and "Departing from Reality for Virtuality",which furnish theoretical basis for facilitating the high-quality development of China’s entity enterprises.