Financial-industrial integration and corporate financialization: Evidence from China

Fang Wang and Jingru Hou

Finance Research Letters, 2024, vol. 69, issue PA

Abstract: This paper investigates the impact of financial-industrial integration on firm financialization. The findings indicate that financial-industrial integration negatively influences firm financialization, particularly in enterprises with high reliance on external financing, low credit differentiation, and digital transformation. Furthermore, financial-industrial integration inhibits corporate financialization by optimizing expectations, alleviating financing constraints, and mitigating risk. These research findings offer empirical evidence for solving the problems related to corporate financialization.

Keywords: Financial-industrial integration; Corporate financialization; Anticipatory optimization; Financing constraint; Risk reduction (search for similar items in EconPapers)
JEL-codes: G30 G32 G34 (search for similar items in EconPapers)
Date: 2024
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Persistent link: https://EconPapers.repec.org/RePEc:eee:finlet:v:69:y:2024:i:pa:s1544612324011693

DOI: 10.1016/j.frl.2024.106140

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