The Influence Of Cross-market Financial Risk Contagion On Investment Efficiency Of Chinese Enterprises

In the current era,financial security has become the focus of global attention.The report to the 20 th National Congress of the Communist Party of China pointed out that "we should deepen the reform of the financial system","safeguard the bottom line of no systemic risks",improve financial services and prevent the importation of risk contagion.With the acceleration of the trend of world economic integration and the continuous advancement of economic globalization,the correlation between the financial markets of various countries(regions) is gradually strengthened,and the influence of the internal economic development of one country on other countries(regions) is also increasing.As financial risks spread rapidly in the global financial market and the international political and economic situation is complex and changeable,the development of China’s financial market is also facing a more severe external environment.In the face of the severe internal and external financial environment of China’s financial market development,the cross-market contagion effect of international market risks is becoming more and more obvious.In view of this,this paper focuses on the stock market dimension,measures the effect of cross-market risk contagion from the perspective of the impact of global important stock markets on the investment efficiency of Chinese enterprises,and studies the impact of external financial risks on the investment efficiency of Chinese enterprises.It provides theoretical support and policy suggestions for Chinese enterprises to prevent imported risks,establish early warning mechanism and maintain normal investment efficiency.By selecting the daily return rate of the world’s representative stock indexes from2009 to 2019 and the relevant data of the daily return rate of China’s CSI 300 Index,this paper uses OLS regression,ΔCo Va R and DCC-GARCH models to study and find that cross-market financial risk contagion has an obvious negative impact on the investment efficiency of Chinese enterprises.The risk spillover from other countries or regions to China is negatively correlated with the investment efficiency of Chinese enterprises.The U.S.S&P 500 index(SP500),the U.K.FTSE 100 index(FTSE 100)100),France’s CAC-40 index,Germany’s Frankfurt DAX index,Japan’s Tokyo Nikkei 225 Index(N225)and Chinese Hong Kong’s Hang Seng Index(HSI)represented by the world’s important stock markets and Chinese stock markets have obvious risk contagion effect.In addition,this paper also studies the influence of various indicators on the investment efficiency through the analysis of company data.In the process of financial risk contagion,the impact of such risk transmission on the investment efficiency of Chinese enterprises is influenced by various factors.The main research finds that the contagion of cross-market financial risk and the input of foreign finance have a great impact on the enterprises in the Chinese stock market,and have an obvious negative correlation with the impact on their investment efficiency.The higher the contagion level of cross-market risk,the lower the investment efficiency of the enterprises.At the same time,this process will also be affected by specific conditions of enterprises,such as enterprise scale,asset-liability ratio,return on assets and other factors.Around 2009,financial contagion has a more significant impact on Chinese enterprises.Influenced by its external environment,the financial environment is complex and changeable,and the investment efficiency of enterprises will also be affected to some extent.In conclusion,cross-market risk contagion has an obvious negative correlation with the investment efficiency of Chinese enterprises.The higher the level of cross-market risk contagion,the lower the investment efficiency of Chinese enterprises.The impact of cross-market risk contagion on the investment efficiency of non-state-owned enterprises is higher than that of state-owned enterprises,and the impact on the investment efficiency of non-manufacturing enterprises is higher than that of manufacturing enterprises.