会计学院知识库

In recent years, the phenomenon of financialization of enterprises in China has become more prominent. Financial assets attract the attention of physical enterprises with high investment returns. The momentum of physical enterprises investing in financial assets is strong, which leads to the transformation of the real economy from reality to virtuality. Physical enterprises play a pivotal role in the high-quality development of China's economy, and excessive financialization of physical enterprises is seriously threatening the healthy and long-term development of China's economy. With the increasingly complex international competitive environment, digital technology is becoming a key driving force for allocating global factor resources and changing the global competitive landscape. New digital technologies such as artificial intelligence, big data, and blockchain provide new directions for the transformation and upgrading of physical enterprises. The deep integration of the digital economy and the real economy cannot be achieved without the role of physical enterprises, which are the main battlefield for achieving the strategic goals of "Digital China". The digitalization of enterprises has sparked widespread discussions in academia and practice. Digital transformation has achieved significant results in business model transformation, industrial transformation and upgrading, etc. However, the research conclusion on whether it can suppress the excessive financialization of physical enterprises is controversial and still needs further research and testing.

This article uses data from all A-share listed companies from 2009 to 2021 as a sample to explore the impact and mechanism of digital transformation on corporate financialization investment activities. Research has found that digital transformation of enterprises can effectively suppress their financialization investment and exhibit heterogeneous moderating characteristics, with a more significant guiding effect on the return of growth stage enterprises, state-owned enterprises, and high-tech enterprises to entities. The mechanism test results indicate that digital transformation can enhance the competitive advantage of product markets, promote physical investment, improve physical profitability, and help enterprises move from virtual to real. In addition, effective external supervision helps to exert the inhibitory effect of digital transformation on corporate financialization investment. The research conclusion provides a feasible path for enterprises to de finance and overcome the problem of "shifting from reality to virtuality", and provides policy reference for improving financial development and unleashing digital potential.

The main contribution of this article lies in: (1) focusing on the impact of digital transformation on the financialization of physical enterprises, providing theoretical support for promoting digital transformation of physical enterprises and building competitive advantages for Chinese listed companies; (2) Based on the life cycle theory, study the relationship between digital transformation and corporate financialization in different life cycles of enterprises, providing theoretical basis for enterprises to achieve digital transformation at different stages; (3) Starting from the perspectives of internal competitive advantage and external supervision, this paper explores the internal mechanism of the impact of digital transformation on the financialization of physical enterprises, providing a practical path for promoting the digital transformation of physical enterprises and achieving the transformation of enterprises from virtual to real; (4) Propose corresponding policy recommendations from the three levels of government, enterprises, and external supervisors, providing theoretical support for the government to prevent and resolve major financial risks, and guiding enterprises to seize digital opportunities and reverse their transformation from virtual to real, and establish a correct value positioning.