On Impact of Financialization on the Long Term Performance of Enterprises:Based on Empirical Evidences of Listed Companies in China's Manufacturing Industry
Under the background of reversing the trend of"breaking away from entity and entering virtual",it is of new significance to explore the impact of manufacturing financialization on long-term performance at this stage.Based on the data of listed manufacturing companies in China from 2008 to 2019,this paper empirically tests the impact of financialization of manufacturing enterprises on long-term performance and its mechanism.Results show that the trend of financialization of manufacturing enterprises will reduce their long-term performance,and will show differences due to the different life cycle and internal control of enterprises.Mechanism test shows that the intensification effect of financing constraints and the contraction effect of main business are two paths for the financialization of manufacturing enterprises to lead to the decline of their long-term performance.This study helps to clarify the internal logic that the financialization of manufacturing enterprises affects their long-term performance,and provides empirical evidence for ensuring the reasonable development of moderate financialization of enterprises and further promoting the high-quality development of manufacturing enterprises.
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