Research On The Influence Of The Financialization Of Entity Enterprises On Their Total Factor Productivity And Its Heterogeneity

It is of paramount importance for promoting industrial upgrading and high-quality development of real enterprises to seek services actively and prudently from new financial markets.Against the background of potential downward pressure on the total factor productivity growth of real enterprises in the current new development stage,the development trend that the proportion of non-financial enterprises’ financial investment and physical investment is contrary to each other is becoming increasingly intense.Thus,based on optimizing the financial system to strengthen its service guarantee function and broaden the direct financing channels,it is necessary for real enterprises to expand market share through cost reduction and efficiency enhancement,to optimize industrial structure and to assist high-quality development,which is an integral part of carrying out the neoteric development philosophy.This thesis takes the non-financial companies that are listed on the Shanghai and Shenzhen Stock Exchanges as a sample,of which the time interval is from 2010 to 2021,to explore the imprint of the financialization of business entities upon their total factor productivity.The study found that corporate financialization has a significant "inverted U-shaped" impact on its total factor productivity,which will weaken as the level of regional financial development increases,and the above moderating effect is more outstanding in listed nationalized companies.Also,corporate risk-taking and intensity of enterprise innovation play an intermediary role in the above-mentioned "inverted Ushaped" relationship.Further investigation finds that,in terms of the decomposition efficiency of corporate total factor productivity,the repercussion of corporate financialization on pure technical efficiency is significant and dominant.The conclusions of the study are robust to considering potential endogeneity issues,replacing key variable measurement methods,and excluding specific samples.In addition,this thesis also finds that the influence of corporate financialization on total factor productivity is heterogeneous in enterprises with divergent management capabilities and autonomous action capabilities,specifically,when the management capability is lower and the autonomous action capability is weaker,its total factor productivity is more easily affected by corporate financialization.In addition,for hightech firms and those subjected to hard financial constraints,the facilitation effect of corporate financial decisions on their total factor productivity and the braking effect of extremely high degree of financialization are even greater.This thesis adds new experimental clue for the nonlinear brunt of the financialization of corporate entities upon their total factor productivity to existing academic research.It also points out a realistic path for accelerating the construction of a community of shared future between financial institutions and real enterprises,and promoting the effective improvement of quality and reasonable growth of the economy.