The Impact of Operating Difficulties of Main Business on the Firms’ Allocation of Financialized Assets
LUO Mingjin，LU Chunyi，WAN Chao
1. Shanghai University of International Business and Economics， Shanghai， China；2. Shanghai Lixin University of Accounting and Finance， Shanghai， China
Abstract：Based on corporate behavior theory, this study employs the samples of listed entity firms in China to empirically estimate the impact of operational challenges in the main business on their financial asset allocation strategies. The research discovers an inverted U-shaped effect of main business operational difficulties on the allocation of financialized assets. Financial constraints have a negative moderating effect between the operational difficulties in the main business and corporate financialization, while policy uncertainty positively moderates the relationship between them. Further research reveals that financialization by corporate decision-makers, based on the reference point of operational difficulties, helps to reduce the risk of stock price crashes and has a suppressive effect on the firms’ total factor productivity. However, financialization combined with strategic transformation by decision-makers in difficult situations alleviates the negative impact of financialization on the firms’ total factor productivity.
罗明津，鲁春义，万超. 实体企业主业经营困境对金融化资产配置的影响研究[J]. 管理学报, 2025, 22(3): 546-.
LUO Mingjin，LU Chunyi，WAN Chao. The Impact of Operating Difficulties of Main Business on the Firms’ Allocation of Financialized Assets. Chinese Journal of Management, 2025, 22(3): 546-.
