Author(s)

Mengxue Dai

Corresponding Author

Mengxue Dai

Abstract

Based on the development trend of country’s current real economic slowdown and systemic risks brought by corporate financialization, this paper selects the data of A-share listed companies from 2010 to 2020 to study the impact of enterprise financialization on financial risks. This paper also studies the differential impact of property rights, and analyzes the moderating role of the macroeconomic environment. Results show that: (1) Enterprise financialization significantly increases corporate financial risks. (2) Compared with private enterprises, the financial risks of state-owned enterprises are greater. (3) Under the macroeconomic environment of rapid economic growth and monetary easing, the impact of corporate financialization on corporate financial risks has been weakened. The paper provides a theoretical basis for clarifying the effect of enterprise financialization on corporate financial risks, and giving full play to the positive role of the macroeconomic environment to reduce corporate financial risks.

Keywords

Enterprise financialization, Corporate financial risk, Macroeconomic environment, From real to virtual