| As China’s economy enters a critical period of economic transformation and upgrading,the phenomenon of "turning from real to virtual" in the real economy has attracted great attention from the government and external departments.The real economy is the foundation of China’s economy and the core and foundation of the entire economic system,and excessive investment of operating assets in the financial sector will affect the long-term stable development of China’s real economy.The concept of whether the financialization of real enterprises promotes or inhibits the development of enterprises has not yet been unified,but the current purpose and motivation of enterprise financialization are unified in two dimensions: one dimension is based on the "reservoir" effect of preventing savings motivation;Another dimension is that financial assets will have an "investment substitution" effect on the investment of real enterprises.At present,it is believed that the "reservoir" motivation of financial asset allocation can be conducive to the healthy development of real enterprises,and it is believed that the "investment substitution" motivation will further promote the "transformation from real to virtual" enterprises,which will significantly inhibit the innovation investment and innovation efficiency of enterprises.At the same time,China’s market economy continues to improve,and the money market and capital market are becoming increasingly mature,providing an important catalyst and broad future application space for the derivation of related party transactions.Related party transactions involve the occupation of funds between affiliated enterprises and listed enterprises,and their concealment and convenience also play a double-edged sword role in enterprise operations.On the one hand,related-party transactions can reduce transaction costs and alleviate the problem of corporate financing constraints,and on the other hand,they can be used as a means of hollowing out for major shareholders.Therefore,it is also worth exploring and pondering whether the transaction between related parties and listed enterprises will create good conditions for the financialization of enterprises.Based on this,this paper selects listed companies in China from 2007 to2021 as a sample,divides related party transactions into pay-type related party transactions and financing-type related party transactions through different capital flows,studies their impact on enterprise financialization respectively,and analyzes whether the mutual appropriation of funds between related party transactions and listed enterprises has an impact on enterprise financialization based on the motivation of financialization,and if so,studies and analyzes what motives related party transactions have on the financialization of enterprises.In further research,based on the perspective of financing constraints,the influence motivation of related-party transactions on financialization is verified by the heterogeneity of financing constraints and the double difference model of split-layer exogenous events using the Shanghai-Shenzhen-Hong Kong Stock Connect trading system.Combining theoretical and empirical research analysis,the conclusions of this paper are as follows:(1)Related party transactions will have an impact on the financialization of enterprises.Moreover,the flow of funds for related-party transactions is different and the impact is inconsistent,and the larger the scale of pay-related party transactions,the higher the degree of financialization of enterprises;The larger the scale of fund-raising related party transactions,the greater the degree of weakening of enterprise financialization.(2)The impact of related-party transactions on the financialization of enterprises is based on the "reservoir" motive.The larger the scale of pay-related party transactions,the more funds the related party enterprise occupies the listed enterprise,reduces the free cash flow of the enterprise and thus increases the financing constraints it faces,and the enterprise increases the proportion of financial assets held based on the incentive to prevent savings.Conversely,the larger the scale of financing-type related party transactions,the larger the funds occupied by listed enterprises from related parties,which further reduces the financing constraints of enterprises,weakens the incentive of enterprises to prevent savings,and further reduces the allocation of financial assets.(3)From the perspective of heterogeneity of financing constraints,among enterprises with strong financing constraints,pay-based related party transactions have a stronger positive and significant effect on enterprise financialization;Among enterprises with weak financing constraints,financing-type related party transactions have a stronger negative effect on the financialization of enterprises.This shows that enterprises dominate the "reservoir" motive in the allocation of financial assets.(4)From the perspective of exogenous events of the Shanghai-Shenzhen-Hong Kong Stock Connect trading system,the implementation of the Shanghai-Shenzhen-Hong Kong Stock Connect trading system has a weakening effect on the positive impact of pay-based related party transactions on financialization,and has a strengthening effect on the negative impact of financing-type related party transactions on enterprise financialization.In general,compared with enterprises not participating in the Stock Connect,the pay-based related party transactions and fund-raising related party transactions of enterprises participating in the ShanghaiShenzhen-Hong Kong Stock Connect have a restraining effect on the financialization of enterprises,indicating that the impact of related-party transactions on the financialization of enterprises is mainly based on the "reservoir" motive.The innovations and contributions of this paper are:(1)Compared with the existing literature,this paper studies the financial asset allocation of non-financial enterprises from the perspective of related-party transactions,and enriches the literature research on the influencing factors of enterprise financialization;(2)Conduct a categorical study on the flow of funds through related party transactions,and study the impact of related party transactions on financialization based on the motivation of enterprise financialization,which enriches the academic research on the impact of related party transactions on the investment behavior of enterprises;(3)This paper further verifies the influence motivation of related-party transactions on the financial asset allocation of enterprises from the perspective of financing constraints,and finds that pay-type related-party transactions have a greater positive and significant impact on financialization in enterprises with strong financing constraints,and financing-type related-party transactions have a greater negative significant impact on financialization in enterprises with weak financing constraints,further verifying that the impact of related-party transactions on enterprise financialization is mainly based on the "reservoir" motivation.(4)The introduction of the exogenous event of the Shanghai-Shenzhen-Hong Kong Stock Connect trading system to do the split-layer double difference model further verifies the influence and motivation of related-party transactions on the financialization of enterprises.Finally,this paper puts forward relevant policy suggestions on the rational allocation of related party transactions and financial assets from the government and enterprise levels,and the government’s further guidance for the healthy development of the real economy. |
