| At present,the economy is in the transition period from high-speed development to high-quality development in our country.The risk of investment is increasing,and the rate of return on investment is far lower than financial investment.In order to avoid the risk of investment in the real economy and change the situation where profit space is compressed,enterprises have stepped into the financial market.Numberous non-financial enterprises have gradually deviated from their main businesses,investing their funds in financial activities,and the financial degree of enterprises has been deepening.At the micro level,It is manifested as "hollowing out of enterprises".Many scholars have conducted empirical research on economic and enterprise financialization,and found that financialization has a restraining effect on the production and operation of enterprises,main business performance,and R&D innovation.This has aroused people’s attention to financialization,and the government has also issued policies to try to change the situation of enterprises "from reality to emptiness".Therefore,it is necessary to study the enterprise financialization.This paper will study the enterprise financialization through case analysis,and provide suggestions for enterprises to make reasonable resource allocation.This article studies the motivations and financial effects of corporate financialization from a micro perspective,analyzes the impact of corporate financialization on corporate financial performance and industrial investment,and clarifies the financial risks brought by corporate financialization.Firstly,this article reviews the relevant research on corporate financialization at home and abroad,defines the concept of corporate financialization,and summarizes relevant literature on the measurement,motivation,and effects of corporate financialization.Secondly,this article analyzes the current situation of the financialization of the pharmaceutical circulation industry,selects Jointown Pharmaceutical Group with significant financialization from the pharmaceutical circulation industry,explores the process of Jointown Pharmaceutical Group,analyzes the causes of Jointown Pharmaceutical Group from both external and internal drivers,analyzes the financial effects of enterprise financialization from the perspectives of market reaction,financial performance,and financial risk,and summarizes the case study results to form conclusions,Provide suggestions for enterprise resource allocation.Finally,this article draws a conclusion: Jointown Pharmaceutical Group has formulated a financialization strategy,and financial investment has generated revenue.It has brought stable financial support to its main business,improved its profitability,and increased its financial returns.However,Jointown Pharmaceutical Group has continuously increased its investment in financial assets,crowding out the industrial investment of enterprises.Financial assets are greatly affected by factors such as market and interest rates,resulting in high risks.In addition,the long-term high debt operation of enterprises has increased their operational risks.In the long run,the original intention of enterprises to carry out financial activities is to improve the efficiency of capital use,but unreasonable asset allocation affects the development of their main businesses.Therefore,this article studies the melting of Jointown Pharmaceutical Group,hoping to provide a reference for other enterprises engaged in financial activities.Enterprises can use financial instruments as an auxiliary means to determine a financial asset structure suitable for their own size,assisting in the development of the corporate businesses. |
