The fluctuation of financial variables in the financial cycle will have a significant impact on the behavior of market subjects,while the finan-cialization of real enterprises in China,as a phe-nomenon that has attracted much attention from all walks of life,will it also be subject to the role of the fluctuation of the financial cycle?Based on the panel data of A-share listed enterprises from 2011 to 2020,this article examines the impact of financial cycle on the level of enterprise financialization and the proportion of financial investment risk of enter-prises,and obtains the following conclusions:the financial investment activities of enterprises and the financial cycle based on the broad credit have the same direction,and the enterprises use the financial cycle to expand the liquidity of the storage,which is an important motive for the enterprises to enter into the financialization;the proportion of the risk of the financial investment to the total risk of enter-prises will also increase with the financial cycle,and the accelerating effect of the expansion of the financial cycle on the financialization of enterprises is an important reason for this,i.e.,the market risk brought about by the expansion of the financial cycle is also transmitted to the enterprises,and the financial investment activities of the enterprises are an important medium of transmission for this finan-cial risk.
NETL
NSTL
万方数据
