Research on the Economic Effect of Financialization in Real Economy:Differentiating Degrees of Financialization
The current trend of real enterprises in China shifting from real economy to virtual economy has not been reversed.Theoretical research often treats financialization as homogeneous,ignoring the differences between non-excessive financialization and excessive financialization of entity enterprises.Utilizing empirical data from listed entity enterprises from 2007 to 2020,this paper analyzes the performance effects,risk effects and innovation effects of excessive financialization from the perspective of economic consequences,and explores which types of real enterprises are more inclined towards excessive financialization.The findings indicate that compared to non-excessive financialization,excessive financialization significantly inhibits the development of core businesses and enterprise innovation.Excessive financialization reduces the short-term bankruptcy risk,but it increases the long-term bankruptcy risk.Compared with the entity enterprises with good internal control quality and those in the growth period,the entity enterprises with poor internal control quality and in the maturity and decline stages are more inclined to excessive financialization.There is no substantial difference in the nature of property rights and innovation dependence.The research helps clarify the harms caused by excessive financialization in real enterprises and provides empirical evidence for the government to formulate targeted regulatory policies.
innovation capabilitycore business performancebankruptcy riskentity financialization in real economy
NETL
NSTL
万方数据
