Financialization,maturity Mismatch And Firm Performance

At the 13 th collective study session,the Political Bureau of the CPC Central Committee stressed the need to deepen financial supply-side structural reform and enhance the financial ability to serve the real economy.The 2021 government work report also pointed out that the high-quality development of the real economy will become another flashpoint to promote China’s economic development,and stressed that serving the real economy is the consistent goal of financial institutions and other financial industry entities.At present,subject to the pain of economic structure transformation,a number of enterprises for profit purposes,choose a large allocation of financial assets,the enterprise financial behavior,and the resulting "real to virtual" situation is the current social and economic development and entity enterprise healthy development process facing important problems(1),and scientific understanding of the relationship between enterprise financialization and the real economy value creation,enterprises in the financial under the tide of financial asset allocation is an important subject to strengthen the financial services to the real economy.In addition,at present,enterprises generally use short-term credit funds for long-term investment activities,that is,investment and financing term mismatch(2).Therefore,enterprise financialization may affect the performance of the company by meeting its liquidity requirements and alleviating its financing constraints,or by reducing the allocation of high leverage and high-risk financial assets and obtaining credit funds,thus aggravating the maturity mismatch and affecting the company performance.In view of this,in order to further study the impact of financialization caused by the allocation of financial assets of entity enterprises will have on company performance,corporate financialization,maturity mismatch and company performance are put into a unified research framework to explore its influence mechanism.In order to test the intermediary effect of maturity mismatch between enterprise financialization and company performance,this paper constructs the intermediary effect model,and takes the A-share listed companies in Shanghai and Shenzhen from 2011 to 2020 as a sample,and concludes as follows:(1)the corporate financialization behavior of non-financial enterprises significantly damages the performance of companies.The larger the scale and degree of the enterprise,the worse the negative impact on the performance of the company.(2)Term mismatch plays an intermediary role in the influence of enterprise financialization on enterprise innovation.Corporate financialization damages the company’s performance by intensifying the enterprise maturity mismatch,and the transmission chain of "deepening the enterprise financialization degree-exacerbating the maturity mismatch-reducing the company’s performance" is established.(3)From the analysis of enterprise heterogeneity,the enterprise financialization of state-owned enterprises is better than non-state-owned enterprises,the financialization of company performance mainly through the deadline mismatch conduction,while the current most enterprises for "arbitrage speculation" motivation configuration of financial assets,and through the analysis of different financing constraints of enterprises,further proves that the current enterprise to achieve the purpose of "arbitrage speculation" configuration of financial assets and damage company performance.Through the group regression of monetary policies of different degrees of easing,it is proved that the loose monetary policy will encourage enterprises to allocate financial assets for the motivation of "arbitrage and speculation" and affect the corporate performance.In the theoretical sense,this paper studies the relationship between enterprise financialization and corporate performance from the perspective of maturity mismatch,which is helpful to further broaden the research perspective on the financial results of entity enterprises,make enterprises want to pay attention to the asset structure and the importance of preventing financial risks,provide reference opinions for the financial asset allocation decisions,and facilitate the development of financial service enterprises.The main innovation point of this paper lies in(1)the research idea innovation.This paper constructs the theoretical analysis framework of enterprise finance,maturity mismatch and company performance,carries out the relevant research on the economic consequences of enterprise financialization from the micro level,examines the influence of enterprise financialization on company performance from the perspective of maturity mismatch,and improves the relevant research on the economic consequences of enterprise financialization.(2)Research point of view innovation.This paper takes maturity mismatch as the entry point,further explores the influence mechanism of enterprise financialization and corporate performance,brings maturity mismatch into the research framework,and studies the possibility as the influence mechanism of enterprise financialization and corporate performance by building an intermediary effect model.(3)Research method innovation.Most of the existing literature considers the setting of maturity mismatch variable from the perspective of capital gap.This paper further adds the agent variable of maturity mismatch from the perspective of debt structure.In addition,this paper according to the related theory of financialization motivation,according to the enterprise financing constraints will sample grouping,and then study the allocation of financial assets under the influence of company performance,and further examine the different degree of monetary policy financing on the company performance,so as to explore the mechanism of enterprise financialization affect company performance,enrich the related theory of financialization,provides empirical evidence for enterprise control their financialization.