The Impact Of Financial Asset Allocation Of Non-financial Enterprises On The Financial Risks Of Enterprise

With the rapid development of China’s financial market,the rate of return on financial assets exceeds that of other traditional industries.Coupled with factors such as the reduction of investment opportunities in entities,entity enterprises have begun to deploy financial assets and real estate investment based on the motivation to improve the overall profit level of enterprises.With the change in the investment trend of financial assets of real enterprises,the state has always maintained a high degree of attention,and issued corresponding regulatory requirements for timely policy guidance,indicating that finance has an irreplaceable and important position in supporting the development of the real economy.On the one hand,financial asset allocation can optimize the asset structure of enterprises under the premise of ensuring liquidity,maximize the return of idle funds,and improve financing constraints.On the other hand,financial investment will bring market risks,and excessive investment in financial assets will also squeeze the main business operating resources,resulting in the deterioration of corporate finances and affecting the sustainability of development.Therefore,it is necessary to prevent excessive financialization from eroding the foundation of the real economy,and to make finance better help the development of real enterprises.Based on this background,this paper studies the influence path and mechanism of corporate financial asset investment behavior on financial risk,and obtains the relevant conclusions on the impact of financial asset allocation on corporate financial risk.In terms of empirical analysis,this paper selects the data of A-share non-financial listed companies in Shanghai and Shenzhen during the 13 years from 2009 to 2021 as the research sample.The panel regression analysis of fixed effect is carried out.Finally,the following conclusions are drawn:(1)The proportion of financial asset allocation has a U-shaped nonlinear relationship with corporate financial risk.Seen from the classification and regression of financial assets,short-term financial asset allocation and long-term financial instruments have a U-shaped relationship with corporate financial risk,but the impact of short-term financial asset allocation on corporate financial risk is more severe,and the impact of long-term financial asset allocation is relatively mild;(2)The level of financing constraints and the depth of financial market participation play an intermediary effect in the impact of financial asset allocation on the financial risks of enterprises;(3)There are great differences in the performance of enterprises in different industries and property rights in terms of the impact of financial asset allocation on financial risks.The overall degree of impact is the primary industry,the secondary industry,the tertiary industry and the high-tech industry in descending order..In terms of property rights heterogeneity,the financial risk of state-owned enterprises is affected by the proportion of financial asset allocation to a greater extent than that of non-state-owned enterprises.Based on the analysis and empirical research of this paper,combined with the current situation of corporate financial investment in China,this paper puts forward corresponding countermeasures and suggestions from the perspectives of market supervision departments,policy makers,and enterprise managers,hoping to help improve the efficiency and financial security of corporate financial investment,improve the financial market supervision system,and maintain national financial stability.