Research On The Impact Of Enterprise Financialization On The Financial Performance Of Listed Manufacturing Companies

General Secretary Xi Jinping once pointed out that “promoting high-quality economic development must attach great importance to the development and growth of the real economy." Manufacturing enterprises are the main body of the real economy.However,more and more manufacturing listed companies are investing in financial assets,and the proportion of financial assets invested in total assets is increasing.This behavior of corporate financialization may create good financial performance for the company in the short term,but it is unfavorable for the sustainable,high-quality,and stable development of manufacturing listed companies in the long run,and also has a certain negative impact on their smooth realization of transformation upgrading and technological innovation.Therefore,in the current situation where the enthusiasm of manufacturing listed companies to invest in financial assets is increasing,studying the impact of corporate financialization on the financial performance of manufacturing listed companies is of great practical significance for manufacturing listed companies to balance the development of entities and the degree of financialization,invest more energy in strengthening and consolidating their core business,and ultimately achieve the improvement of independent innovation capability and the cultivation of core competitiveness.This thesis takes A-share manufacturing listed companies as the research object,based on the elaboration of the concept of corporate financialization and measurement method,the concept of financial performance,and the evaluation and empowerment method.Firstly,this thesis summarizes that the main motives of financialization of manufacturing listed companies are capital saving motive and speculative arbitrage motive.After elaborating the current situation of overall financialization,short-term financialization and long-term financialization of manufacturing listed companies,the mechanism of the impact of corporate financialization on the financial performance of manufacturing listed companies is sorted out.Secondly,this study proposes research hypotheses,selects variables,and constructs models.Using SPSS software and State software to perform factor analysis,descriptive statistics,correlation analysis,collinearity diagnosis,and regression analysis on the relevant data of financialization and financial performance of A-share listed manufacturing companies,the following conclusions are drawn:(1)the positive impact of short-term financialization on the financial performance of manufacturing listed companies is not significant;(2)the negative impact of long-term financialization on the financial performance of manufacturing listed companies is significant;and(3)the negative impact of overall financialization on the financial performance of manufacturing listed companies is significant.Then,in order to investigate whether there are differences in the impact of short-term financialization on the financial performance of manufacturing listed companies in different regions,this study further examines the impact of short-term financialization on financial performance of manufacturing listed companies in eastern,central,western,and northeastern regions,and finds that:(1)the positive impact of short-term financialization on the financial performance of manufacturing listed companies in the eastern region is significant;(2)the positive impact of short-term financialization on the financial performance of manufacturing listed companies in the remaining regions is not significant.Finally,this thesis proposes measures to reasonably control the financialization of manufacturing companies,strengthen the scientific and technological innovation and enterprise management of manufacturing companies,and increase the development of manufacturing companies.The main innovation of this thesis is to explore the impact of corporate financialization on financial performance from the perspective of financial asset reclassification.By classifying corporate financial assets into short-term,long-term,and overall financialization assets,this thesis comes to empirically study the impact of corporate financialization on the financial performance of manufacturing listed companies,which helps to reveal the extent of the impact of different types of financialized assets on the financial performance of manufacturing listed companies due to differences in liquidity and riskiness,and also helps to guide manufacturing listed companies to invest rationally in financial assets,return to real investment,enhance their financial performance by strengthening real investment,and achieve sustainable,healthy and stable development of enterprises.