A Study On The Influence Of The Refinancing Policy On The Growth Enterprise Market On Enterprise Financialization

Financialization has become a popular topic in both theoretical and practical circles in China in recent years.The number of real enterprises investing in financial markets and allocating financial assets has been increasing annually.In October 2009,China established the GEM,a market for growth-oriented small and medium-sized enterprises with high potential for development.Although GEM enterprises have strong growth potential,they often face funding and financing challenges compared to mainboard enterprises.In response,the CSRC issued the refinancing policy for the GEM in 2014 to expand the financing channels for GEM listed companies.The policy reduced issuance conditions,established simple procedures,and eased financing constraints for GEM enterprises.This paper used panel data of A-share listed companies from 2009 to 2019 and employed a PSM-DID model,taking the refinancing policy of 2014 as an exogenous impact.The results indicate that the refinancing policy significantly improved the financial level of GEM enterprises.The mechanism test shows that the refinancing policy’s impact on enterprise financialization is mainly through easing financing constraints and promoting fixed asset investment.The refinancing policy promotes fixed asset investment and reduces the level of enterprise financialization,while also easing financing constraints and improving the level of enterprise financialization.The overall effect of the policy is positive,and the promotion effect is greater through easing financing constraints than promoting fixed asset investment.The paper also found that the promotion effect of the refinancing policy on the financial level of enterprises is heterogeneous at the enterprise and regional levels.State enterprises benefit more from the refinancing policy than private enterprises,and enterprises in developed regions benefit more.Based on the research findings,this article proposes the following policy recommendations: 1.Refinancing policies should be formulated according to the characteristics of listed companies.2.Listed companies should be guided to prevent excessive financialization,which may bring operational and market risks.3.The tilt towards refinancing policies for non-state-owned enterprises and enterprises in underdeveloped regions should be strengthened to alleviate the financing constraints faced by companies with limited access to funds.