Corporate Financialization and Industrial Investment of Chinese Listed Companies——A Reexamination of the Motives and Regulatory Effects of Financialization

Abstract

Abstract: This paper reveals the mechanism of how corporate financialization affects industrial investment and the motivation under corporate finanialization. A-share listed manufacturing companies are selected as the research object, and our empirical results prove that corporate financialization inhibits industrial investment out of both speculative and interest motivations, but not of finance; Considering operating state and financialization decomposition indicators, corporate financialization significantly inhibits the industrial investment in the situation of less opportunities and large speculative space. We can infer that speculative motive is the key factor giving rise to the inhibiting effect that financialization has on industrialinvestment. A series of policies intended to drive enterprises out of virtual economy and toward real economy have played a regulatory role in weakening the negative impact of financialization on industrial investment since 2015. Finally, policy recommendations are made in order to improve financing via corporate financialization, curb speculation opportunities and promote industrial investment.

Key words: corporate financialization, industrial investment, finance, speculation, unearned income

Liu Jingjian, Zhang Dongni, Li Huizhu. Corporate Financialization and Industrial Investment of Chinese Listed Companies——A Reexamination of the Motives and Regulatory Effects of Financialization[J]. Management Review, 2022, 34(1): 37-50.

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