The Impact Of Commercial Credit Financing And Supply On The Financialization Of Non-financial Enterprises

Our country’s non-financial enterprises are facing the juncture of industrial upgrading,and exploring how commercial credit financing and supply affect their financial asset allocation behavior has practical significance for inhibiting the financialization of enterprises,improving the innovation and upgrading of the main business,and achieving sustainable development.Based on the financial-related data of listed A-share non-financial companies from 2016 to 2021,this paper empirically analyzes the impact of commercial credit financing and commercial credit supply on their financial asset allocation behavior,and then explores the role of R&D investment and financial risk as intermediary variables in the transmission mechanism.The research found that: first,both commercial credit financing and commercial credit supply of non-financial enterprises have a significant negative impact on the financialization of nonfinancial enterprises;second,financial risk has a mediating effect,and non-financial corporate commercial credit financing and commercial credit supply Respectively by leading to an increase in financial risk and thereby inhibiting financial investment;Third,R&D investment has an intermediary effect,and non-financial enterprises’ commercial credit financing and commercial credit supply crowd out financial investment by promoting R&D investment.The research in this paper generally provides empirical evidence from commercial credit for reducing the financialization of non-financial enterprises.Further research finds that the type of industry will affect the role of non-financial corporate business credit on financial asset allocation.The research conclusions provide a necessary theoretical basis for revealing the relationship and mechanism of corporate commercial credit financing and supply with corporate financial asset allocation behavior,and at the same time have good practical significance for promoting industrial investment and industrial upgrading for non-financial companies in my country.