关键词: 实体企业金融化, 企业风险, 扩大效应, 风险承担能力, 作用机制

Abstract: Under the background of the increasingly prominent financialization trend, this paper takes A-share non-financial listed companies in Shanghai and Shenzhen Stock Exchanges from 2007 to 2019 as the samples to study the influence of real enterprise financialization on corporate risks and its transmission mechanism with the help of the fixed effect model and the mediating effect model. The findings show that the financialization of real enterprises will significantly expand the corporate risks, that is, the financialization of real enterprises has the“risk expansion effect”on corporate risks. Meanwhile, compared to the state-owned enterprises with higher risk bearing capacity, the enterprises at the growing or maturity stage, and the enterprises with less financing constraints, the financialization of the non-state-owned enterprises with lower risk bearing capacity, the enterprises at the start-up or recession stage, and the enterprises with tighter financing constraints has a greater“risk expansion effect”resulted from corporate risks. The results of further study show that the financialization of real enterprises will increase corporate risks by squeezing out the investment of real assets and reducing the income from the main businesses. Therefore, strengthening the information disclosure and supervision on the financial investment behaviors of real enterprises, perfecting the internal risk warning system and the prevention mechanism of real enterprises, and guiding real enterprises to focus on the development of their main business will help to reduce the impact of real enterprises’ financialization on corporate risks.

Key words: financialization of entity enterprises, corporate risks, expanding effect, capacity of risk bearing, action mechanism