A Study On The Impact Of Financialization On The Risk Assumption Of Real Enterprises

In recent years,China’s real economy "to take off the real to virtual" increasingly obvious trend,in the real rate of return on investment gradually decline,entity enterprise will be a large amount of capital investment in financial assets,and too dependent on financial channels to obtain benefits,resulting in reduce physical investment companies,the main waste,lack of innovation power It further increases the volatility of the overall earnings of real enterprises,thus forming a vicious circle,which is ultimately not conducive to the long-term value improvement of enterprises.In addition,the financialization of real enterprises increases the linkage of risks between the real sector and the virtual economic sector,which is not conducive to the stability of future earnings of enterprises,further aggravates the overall level of risk taking of enterprises,and is not conducive to the sound development of enterprises.The real economy is the lifeblood of China’s economic development,and also the foundation for China’s economy to win the initiative in international economic competition.In-depth study on the impact of financialization on the risk taking level of real enterprises is of great significance to realize the stable development of real economy and promote the high-quality development of economy.Based on the 2010-2020 China’s Shanghai and Shenzhen A-share listed entity enterprise’s financial data as sample,using the industry after the third phase of rolling standard deviation of the return on assets adjustment measure entity enterprise risk bearing level,the proportion of financial assets to total assets measure the financialization of entity enterprise level,makes A research on the financialization entity enterprise risk exposures.First,this paper tests the positive impact of financialization of entity enterprises on their risk taking level,and then investigates the difference of such impact under different property rights,industry nature and monetary policy.The conclusions of this paper are as follows :(1)the "crowding out" effect of financialization is dominant,which significantly improves the risk taking level of real enterprises;(2)Compared with state-owned enterprises,the financialization behavior of non-state-owned enterprises plays a greater role in improving their risk taking level;(3)Compared with enterprises in low-technology intensive industries,high-tech intensive industries.