Journal of Northeastern University(Social Science) ›› 2021, Vol. 23 ›› Issue (5): 15-22.DOI: 10.15936/j.cnki.1008-3758.2021.05.003

• Economics and Management • Previous Articles     Next Articles

The Effect of Overall Financialization Level of Non-financing Enterprises on Chinese Industrial Investment: An Empirical Study Based on China's Listed Companies

QU Zhen   

  1. (School of Economics, Renmin University of China, Beijing 100086, China)
  • Published:2021-10-14
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Abstract: This paper proposes a new indicator to measure the overall financialization degree of non-financial enterprises from the perspective of profit by taking listed companies in China from 2008 to 2018 as the research sample and using the structure vector autoregressive model (SVAR) to empirically test the dynamic effect of overall financialization level of the enterprise industry on investment rate. The results show that for listed companies with small scale and strong financing constraints, the increase in financialization level will play a significant role in squeezing out fixed asset investment of enterprises while for larger listed companies with weaker financing constraints, the squeezing effect of financialization level on fixed asset investment is not significant.

Key words: financialization; enterprise investment; structure vector autoregressive

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