Research On Influencing Factors And Economic Consequences Of Financial Asset Allocation Of Listed Companies

The phenomenon of enterprise financialization is becoming more and more common,which seriously hinders the development of the real economy.The trend of economic "from reality to emptiness" has attracted close attention from practical circles,theoretical circles and political circles.The financialization of non-financial enterprises is of great significance.The study found that the static value and dynamic ratio of enterprise financial asset allocation showed a sharp increase in the sample period.The financial asset allocation level of state-owned enterprises is higher than that of non-state-owned enterprises;Labor intensive enterprises have the most financial assets,technology intensive enterprises are in the middle,capital intensive enterprises are at the bottom,and the financial level of enterprises in the eastern region is higher than that in the central region and higher than that in the western region.This paper makes an empirical study on the influencing factors and economic consequences of enterprise financial asset allocation by using the fixed effect model.In terms of the influencing factors of enterprise financial asset allocation,the study found that the gradual economic growth,favorable stock market and real estate market will inhibit the scale of the company’s financial asset allocation.Less corporate financing constraints and good governance environment will positively promote the trend of financialization.At the same time,the internal characteristics of the company have a more obvious impact on the allocation of financial assets than the external environment of the enterprise.Enterprises allocate financial assets mainly based on reservoir motivation.In the research on the economic consequences of enterprise financial asset allocation,the empirical results verify that the allocation of financial assets significantly reduces the level of enterprise operating profit margin and overall profit margin;This inhibition is weaker when the profit margin is higher and stronger when the profit margin is lower.The impact of enterprises’ participation in financial activities on profit margin is negative,and the overall substitution effect is dominant.Finally,this paper puts forward targeted policy suggestions: the government should focus on supporting the real industry and boosting the willingness of private investment.The company shall reasonably optimize its asset structure and enhance its innovation strength and comprehensive competitiveness.