Research On The Motivation And Economic Consequences Of The Financialization Of Listed Manufacturing Companies

With The real economy is the cornerstone of the national economy and an important carrier for China to achieve high-quality development in the new era.Entering a new stage of development,China’s real economy has slowed down,and the profit level of real enterprises has gradually declined.On the macro level,in recent years,the entity enterprises have gradually shifted the focus of profits from the main business to the financial channel,and China has seen the phenomenon of capital "off the real to the virtual".In this context,the Fifth Plenary Session of the 19 th CPC Central Committee proposed that "the focus of economic development should be on the real economy".Enterprise financialization is the microcosmic manifestation of the economy from reality to emptiness.Moderate financialization can alleviate the financing constraints of enterprises and play the role of "reservoir".However,excessive financialization will deviate from the main business,and there will be a certain degree of "crowding out effect",resulting in a series of economic consequences,which will have adverse effects in both micro and macro aspects.The manufacturing industry is the top priority of China’s real economy.Based on the precautionary savings theory,investment substitution theory and principal-agent theory,this paper makes a descriptive statistical analysis of the financial performance and motivation of A-share manufacturing enterprises from the macro level in 2007-2021;From the micro level,the case study method is used to analyze the degree of enterprise financialization with the Chinese enterprises as the case study object,and the asset composition method and the profit composition method are used to analyze the motivation of enterprise financialization.Finally,the economic consequences are evaluated from the four aspects of market reaction,profitability,physical investment and innovation ability through the two evaluation indicators of business results and business behavior,Finally,it provides feasible suggestions for manufacturing enterprises to balance the relationship between main business and financial business.