Financialization Of Real Enterprises And Enterprise Performance

The real industry is the foundation of economic development and the source and driving force of continuous creation of national wealth.In recent years,as the yield difference between the real sector and the financial sector has gradually widened,more and more enterprises have invested in the financial industry and local industries,and the phenomenon of corporate financialization has emerged,with an obvious trend of "from real to virtual." Therefore,this paper focuses on the analysis of the economic impact of corporate financialization on corporate performance,and deconstructs the action path of financialization on corporate performance from the perspective of debt maturity structure,so as to provide reference for corporate financial investment behavior.Based on relevant economic theories and previous studies,this paper finds that corporate financialization is a double-edged sword.On the one hand,the financialization of enterprises based on the motive of capital reserve will play a "reservoir" effect,provide liquidity reserve and supplement for enterprises,and bring the possibility of excess returns;On the other hand,financialization motivated by speculation and arbitrage will produce a crowding-out effect,crowding out the real investment and R&D investment used by enterprises for main business,pulling down the production level and efficiency of real enterprises.Therefore,the impact of financialization on corporate performance will be determined by the relative size of the above two effects.In addition,according to relevant studies,there is a certain substitution relationship between financial investment and debt financing,and this effect will mainly affect short-term debt and affect the maturity structure of debt.Therefore,this paper uses the data of China’s A-share non-financial listed companies from 2010 to 2021 to explore the impact of financialization on corporate performance,and on this basis,tests the mediating effect of short loans and long investment.The following conclusions are drawn:(1)Corporate financialization is a double-edged sword,and there is an inverted U-shaped relationship between corporate financialization and corporate performance,that is,there is a certain moderate range of financialization,and excessive financialization will reduce corporate performance.(2)The financialization of real enterprises has a similar impact on long-term and shortterm performance.(3)Mautrity mismatch plays an intermediary role in the impact of financialization on corporate performance.(4)The performance of state-owned enterprises and small-scale enterprises is more sensitive to changes in the level of financialization,and excessive financialization has a greater negative impact on both.(5)Through precise identification of existing sample data,the trend of excessive financialization of physical listed companies in China is still severe.The findings of this paper provide some reference for real enterprises to allocate financial assets,and also contain certain policy connotation,and provide relevant suggestions for policy making departments.