How Does the Mixed-Ownership Reform Affect Corporate Financialization
The negative impact of financialization on enterprises have become prominent,so it is of practical significance to explore its influencing factors in order to identify precise governance approaches.Taking Yunnan Baiyao as the object,this paper analyzes the mechanism and economic consequences of mixed-ownership reform influencing financialization.It enriches the research on the impact of mixed ownership reform on financialization and provides insights for optimizing the path of mixed ownership reform and inhibiting financialization.The study finds that the mixed-ownership reform promotes corporate financialization,as evidenced by the increased proportion of financial assets and financial income after the introduction of private shareholders in state-owned enterprises.The mechanism includes the introduction of managers through mixed ownership reform,the change of property rights structure and governance model,and the intensification of financing constraints.Ultimately,it is found that financialization crowded out physical investment and innovation output,hurting financial performance and long-term development.
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