| In the background of the new normal of macroeconomic development,the growth rate is changing gears,the structural adjustment is painful,and the early stimulus policies are being digested and the common influence of the international pneumonia outbreak,The development of China’s real economy is ushering enormous difficulty.The profit rate of China’s industrial investment continues to decline,but at the same time,the profit rate of financial investment continues to rise,and the financial market is booming.under the huge gap between the yields,more and more non-financial enterprises into the financial market returns.Industrial investment is sluggish,the scale of financial assets expands,the added value of the financial industry is much higher than the industrial added value,The phenomenon of rising asset prices shows the economic financialization of China’s economy,finance gradually divorced from the real economy,which leads to the economy from real to virtual,the capital does not enter the real economy,and the financial market idling.On the one hand,it hinders the benign development of the real economy to a large extent,and on the other hand,it also proliferates the instability of the economic environment.In-depth study of the subject of financial and industrial investment can weaken the negative impact of economic financialization and promote the better development of China’s economy.Based on this,this thesis will systematically analyze the impact of corporate financialization operations on industrial investment based on the non-financial companies listed on Shanghai and Shenzhen A-shares in the past 14 years from 2007 to 2020.The research is based on theoretical analysis,practical investigation and empirical test:In theory analysis,first of all discussed the financialization process may be formed by the industrial investment "reservoir" and "alternative investments" two different effect,and then introduce competition in the market and financing constraints,two adjustment variables,provided a theoretical basis for later;In the reality investigation,the current situation of financialization and industrial investment of non-financial enterprises is analyzed,and then the reasons for the financialization of enterprises are analyzed;In the empirical test,build the fixed effect panel data model,which can adjust the benchmark return,variable inspection,robustness,and further analysis of the heterogeneity.The results show that:(1)overall,Chinese enterprise finance has crowding out effect on industrial investment;(2)market competition intensifies the crowding out effect;(3)financing constraints alleviate the crowding out effect;(4)The effect of financialization on industrial investment is affected by enterprise characteristics: in the central and western regions,both state and non-state-owned enterprises;in the scale of large,medium and small and micro enterprises,labor-intensive enterprises,and technology-intensive enterprises.Finally,in order to avoid excessive financialization of enterprises and promote the sustainable and healthy development of the overall economy,The thesis puts forward the suggestions of vigorously supporting the development of entities,guiding finance to return to its roots,creating a good competitive environment and improving the enterprise governance mechanism. |
