关键词: 金融可持续发展理论, 股东价值最大化, 金融化适度性, 甄别模型

Abstract: The moderate financialization of enterprises is an inevitable requirement for the enterprises to achieve lone-term development while maintaining profit growth.Based on the theory of financial sustainable development,this paper defines the connotation of the corporate financialization appropriateness from the perspective of maximization of shareholder value and constructs a scientific and reasonable model to discriminate the appropriateness of financialization of Chinese entity enterprises.The results show that from 2008 to 2017 the financialization conducts of Chinese entity enterprises are constantly deepening and present a tendency of over-financialization as a whole.And the proportion of the over-financialized enterprises is nearly half,among which the proportion of the over-financialized enterprises is the highest in 2008,and it has declined since 2013.Further analysis shows that the scale of financial assets of the enterprises will increase significantly when the enterprises turn from not over-financialized into over-financialized.At the meantime,over-financialization will lead to a decrease of the proportion of profits from the main business,an increase of the profits from financial channels,a decrease in investment in fixed assets and intangible assets,and a decrease in total factor productivity,which will hinder the development of enterprises.While not over-financialization will increase the proportion of profits from the main business,promote the fixed asset investment,improve the total factor productivity,which will promote the development of enterprises.Such research conclusions can provide new measurement method for the related theoretic researches of financialization and have significant meanings for scientific discrimination and effective supervision of corporate over-financialization,and for prevention of the real economy from being real to being virtual.

Key words: theory of financial sustainable development, maximization of shareholder value, financialization appropriateness, discrimination model