Recently,there has been a certain trend of"financialization crowding out the real economy"in Chinese economy,which poses new challenges to the risk management and sustainable development of enterprises.Taking Chinese A-share listed companies controlled by central enterprises and non-state-owned listed companies as samples from 2003 to 2019,this paper examines the impact of state-owned assets management reform on financial asset investment.We found that:(1)the implementation of the profit turn-over policy significantly reduced the investment behavior of financial assets,especially speculative financial assets.(2)With the continuous increase of the turn-over ratio,the policy effect became stronger.(3)When the company's resources are relatively more abundant,the industries profitability is weaker,and the company's executives are more performance-seeking,the policy effect is weaker.(4)The implementation of the policy reduces speculation in financial assets,thereby alleviating the companies operating risks.This paper enriches the research on factors affecting corporate financialization from a macro perspective and enriches the research on the economic consequences of state-owned capital management reform policies.The conclusion has certain enlightenment significance for perfecting the state-owned capital management system and deepening the reform of state-owned enterprises.
维普
万方数据