Faced with the economic reality of"shifting from reality to virtuality"and the current trend of corporate financialization,the motives and economic consequences of corporate financialization have attracted widespread attention in the academic community.Using Chinese A-share listed companies in the Shanghai and Shenzhen stock markets from 2013 to 2022 as research samples,it was found that the more intense the competition in the product market,the higher the financialization of enterprises.This may be due to the intensification of operational risks and financing constraints of enterprises,which enhances the trend of financialization.The impact of product-market competition on corporate financialization varies among enterprises in different stages of their life cycle.Policy uncertainty will strengthen the relationship between the two.We should pay appropriate attention to the financial market and scientifically allocate the financial assets of enterprises to achieve long-term stable development and promote high-quality economic growth.
关键词
产品市场竞争/企业金融化/企业生命周期/经济政策不确定性
Key words
product-market competition/corporate financialization/corporate life cycle/economic policy uncertainty
维普
万方数据