Study on the Influence of Financialization of Manufacturing Enterprises on Total Factor Productivity

摘要

Based on the trend of enterprise financialization in China and the real economy dematerialization to virtual, this paper selected the data of listed manufacturing companies in China from 2009 to 2018 to empirically test the impact of financialization of real enterprises on total factor productivity. The results show that the effect of financialization on TFP is negative. By grouping and regression of enterprise nature, it is found that, compared with state-owned enterprises, the financialization of non-state-owned enterprises has a more significant impact on total factor productivity. It is found that compared with the western region, the financialization of the eastern region and the central region has a more significant impact on the total factor productivity. This paper puts forward some practical measures for enterprises to define their positioning, coordinate the relationship between their main business and financial investment, and increase the guidance of the investment of enterprise capital.