Financialization, Financial Constraint, and Corporate Performance——An Empirical Research Based on Non-financial Companies in China

Abstract

Abstract: Using the data of A-share non-financial listed companies from 2011 to 2016, this paper studies the impact of financialization on the corporate performance of non-financial companies in China, and explores its mechanism from the perspective of physical investment. The results show that the relationship between financialization and corporate performance is inverted U-shaped, and the physical investment plays a partially intermediary role in the impact of financialization on corporate performance. Specifically, financialization affects corporate performance through "crowding-out" the physical investment. With the introduction of corporate financial constraints, we find that in case of high financial constraints, companies tend to allocate physical investment to financial investment due to limited funds, and the negative impact of financialization on corporate performance is magnified; in contrast, in case of low financial constraints, corporate financing channels are broadened and expanded, and financial income can "back-feed" the real economy, thus enhancing the positive effects of financialization on corporate performance. Furthermore, financial constraints both negatively regulate the financialization-physical investment nexus and the physical investment-corporate performance nexus.

Key words: financialization, financial constraint, physical investment, corporate performance

Guo Lili, Xu Shan. Financialization, Financial Constraint, and Corporate Performance——An Empirical Research Based on Non-financial Companies in China[J]. Management Review, 2021, 33(6): 53-64.

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