Research on the Influence of Financial Investment of Listed Non-financial Companies on Industrial Investment

Ruiqi Zhang ； Fangyuan Wu ； Jiaju Feng ； Yuanqi Chen

《Frontiers in Economics and Management》 3卷11期 (2022/11) Pp. 103-108

https://doi.org/10.6981/FEM.202211_3(11).0013

摘要

The level of financialization may have positive or negative effects on enterprise investment. According to the precautionary savings theory, compared with long-term assets such as fixed assets and intangible assets, which are characterized by long term, poor liquidity and irreversibility, financial assets have strong liquidity and low adjustment costs. Enterprises holding financial assets can act as a ＂reservoir＂. When the future main business investment is short of funds, real enterprises can obtain funds by selling financial assets with strong liquidity, Reduce dependence on external financing and alleviate the problem of insufficient investment. The main theoretical basis for the negative impact is that the rise of financial asset allocation will have crowding out effect on industrial investment. As enterprises are limited by the financing contract, the increase of the share of financial assets must be at the cost of the decline of industrial investment. At the same time, the improvement of the degree of financialization will increase the proportion of dividends and interest paid by enterprises to the financial market in the profits, which has an effect of crowding out investment. The improvement of corporate financialization has affected the development of industrial investment to a certain extent. In the financial market environment where China advocates ＂getting rid of the false and moving towards the real＂, it is necessary to study the balance between corporate financial investment and industrial investment, as well as the specific impact and function channels of financial investment on industrial investment.

關鍵字

Corporate Financialization ； Financial Investment ； Finance

參考文獻

Kliman A., Williams S.D. Why "financialization" does not inhibit productive investment in the United States [J]. Cambridge Economic Research, 2014, 39 (1): 67-92.

DeAngelo H., Gon ç alves A.S., Stulz R.M. Enterprise deleveraging and financial flexibility [J]. Financial Research Review, 2017, 31 (8): 3122-3174.

Zhu Yinghui, Wang Jiuling. Research on the economic effects of financial investment in real enterprises -- based on the perspective of disenchantment of enterprise capital allocation [J]. Research on Financial Supervision, 2017 (06): 16-34.

Wen Chunhui, Li Silong, Guo Lihong, Yu Jingjing Over financing, crowding out effect and capital disequilibrium: Evidence from Chinese entity listed companies from 2007 to 2015 [J]. Economic Management, 2018, 40 (07): 39-55.

Davis L.E. Financialization and Non financial Enterprises: Survey on Investment Behavior of American Enterprises from 1971 to 2011 [R]. University of Massachusetts Amherst Working Paper on Economics, 2013.