Research On The Impact Of The Financialization Of Real Enterprises On The Stock Price Crash Risk

Over the years,with the acceleration of the country’s economic structure adjustment,the development of the real economy has entered a weak period,and the phenomenon of demand saturation,overcapacity,slowing growth,and decline in profit margin have occurred.Driven by the profit of capital,more and more real enterprises choose to invest in the financial sector with a higher profit margin profit margin,and even at the expense of damage to the main business to get the excess returns of financial investment,which will eventually lead to real enterprises.The structural imbalance between financial assets and operating assets,a large amount of funds continuously flow to the financial sector,empty in the financial system,and cause severe problems of "removing reality" in economic development.Although a moderate financial asset allocation can revitalize the idle funds of the enterprise,increase the income,and quickly realize the financial predicament of the enterprise when necessary;however physical investment has caused the main business to be hollow,forming a large amount of asset bubbles,and exacerbating stock price crash risk.For example,the leading enterprise of the domestic blood products industry,Shanghai Rice,accounted for 60% and 51% of investment income from the A-share market in 2015 and 2016.It was once known as the "master of stocks." However,in December 2018,the net profit returned to the mother in the first three quarters was1.293 billion yuan,which was more than double the year-on-year.The investment loss was as high as 1.1 billion yuan.Since the outbreak of the epidemic in 2020,the economy of the world has generally declined.The stock market as a barometer of economic operation,and the crash of individual stocks has also emerged endlessly.Therefore,in the current context,the relationship between the study of the degree of financialization and the stock price crash risk is of great significance to the stable operation and prevention of major financial risks.This article sorted out the relevant documents of the financialization of real enterprises and the stock price crash risk,combined with the theory of capital chase,entrusted agency theory,and information asymmetric theory,based on the data of the A-share listed real enterprises in my country(excluding financial and real estate companies)in 2011-2020 as the research samples,analyzes the impact of the financialization of real enterprises on the crash of the stock price through the empirical evolution of multiple linear regression,testing the intermediary role played between the two,and further analyzing the influence mechanism.In the case of the nature of property rights,the proportion of shareholders’ shareholding and information asymmetry,the impact of the financialization of real enterprises on the stock price crash risk.The research conclusions are:(1)The arbitrage motivation of enterprises’ investment in financial assets occupies a dominant position,and the financial melt of real enterprises will intensify the stock price crash risk.(2)In the case of enterprise performance,the intermediary effect,that is,the financial melt of real enterprises will reduce the overall performance of the enterprise(of which financial performance yields have increased,the main performance yields decrease),and then increase the stock price crash risk.(3)The impact of financialization on the crash of the stock price has heterogeneous characteristics in the degree of finance,property rights,the nature of property rights,the proportion of shareholders and the asymmetry of information-when the proportion of corporate financial asset allocation is low,The positive relationship between the risk of financialization and the stock price crash risk is not significant.When the proportion of financial asset allocation is high,corporate financial behavior will significantly exacerbate the stock price crash risk;There is a significant positive correlation.When the nature of the property right is state,the positive correlation between the two is not significant;in the real enterprise with a high shareholding ratio of the largest shareholders,the financialization will significantly increase the stock price crash risk,but in the first place A major shareholder holding a low shareholding ratio is not significant;when the asymmetry of corporate information is high,the stock price crash risk will intensify with the degree of financialization.Among the low companies,this positive impact is not significant.Finally,this article makes suggestions based on theoretical analysis and empirical results:(1)real enterprises should clarify their own development positioning,reasonably invest in financial assets,and coordinate the relationship between the main business development and financial investment;To resolve major risks,government departments have strengthened policy guidance,increased the return on investment in real enterprises,and enhanced enterprises’ willingness to invest in physical assets.