Motivation, Economic Outcomes and Inspiration of 'Financialization' in Non-financial Listed Companies

摘要

Financialization is a process whereby financial markets, financial institutions, and financial elites gain greater influence over economic policy and economic outcomes. Financialization transforms the functioning of economic systems at both the macro and micro levels. Financialization operates through changes in the structure and operation of financial markets, changes in the behavior of non-financial corporations, and changes in economic policy. The principal impacts of this article are to: (1) elevate the significance of the financial sector relative to the real sector, (2) excavate the motivation, economic outcomes and inspiration of financialization in non-financial listed companies, (3) evaluate the risk of financialization and ways to prevent.