| At present,the world is in a major transformation that has not been seen in a century,and China has also shifted from a high-speed economic growth model to high-quality development.Therefore,high-quality development of enterprises has become a strategic focus for future development.However,due to a series of impacts both domestically and internationally,Chinese entity enterprises are facing numerous difficulties and challenges such as sustained weak growth,rising costs,and declining profitability.At the same time,the upsurge of financial investment has become more and more intense as the supply of financial assets exceeds the demand,which continues to promote the rise of financial return on assets,which also leads to the fact that return on investment of the real sector is unable to catch up with financial sector’s,thus further squeezing the development channels and space of entity enterprises.In such an environment of high risks in entity investment and high returns in financial investment,entity enterprises have gradually distanced themselves from their main business,and their willingness to invest in financial assets has also become stronger.They have invested more funds and focus into the financial market,presenting a phenomenon of financialization of entity enterprises.However,moderate financialization behavior can help companies increase profits,reduce financing barriers and costs,and diversify uncertainty risks.However,excessive financialization of entity enterprises will result in the following results: shrinking the main business,inhibiting innovation,exacerbating principal-agent problems,and reducing the efficiency of management and production.Therefore,based on the perspective of moderation,the article explores the impact of the financialization of entire enterprises on total factor productivity,delves into their internal impact paths and external regulatory mechanisms,and formulates targeted countermeasures.Therefore,the article has both theoretical significance and practical value.The article aims to explore the impact and mechanism of the moderation of financialization in entity enterprises on total factor productivity.Firstly,summarizing domestic and international documents on the financialization of entity enterprises and total factor productivity both;Secondly,based on relevant financial development theories,precautionary saving theory,shareholders’ wealth maximum theoriy and principal-agent theories,thoroughly analysing the relationship between the financialization of entity enterprises and total factor productivity;Then,from the perspective of moderation,the article use panel data model,intermediary effects model and moderating effect model to empirically test the impact,mechanism and moderating effect of entity enterprise financialization on enterprise total factor productivity through risk taking,innovation expenditure,innovation investment,and information disclosure quality;Next,conducingt more in-depth research based on heterogeneity;Finally,summarizing the theoretical analysis and empirical research results of this article to form a conclusion,and based on this,propose policy recommendations for the moderate financialization of entity enterprises in China.The study provides that there is an inverted "U" shaped relationship between the financialization of entity enterprises and total factor productivity;The moderation of the financialization of entity enterprises affects total factor productivity through risk-taking,innovation input,and innovation output;Further analysis of regulatory effects found that the quality of information disclosure can significantly enhance the effect b financialization’s moderation on total factor productivity;The relationship between the financialization of physical enterprises and total factor productivity exhibits heterogeneity characteristics with different industries,regions,and enterprise nature. |
