Measurement of Financialization Index of Non-financial Listed Enterprises in China and Research on Real Economy Risk

Abstract

In recent years, problems such as investment deviation from entities, inefficient allocation of resources and increased financing risks have become prominent in China's economic development. This has an impact on the stability of the financial system and the "de-reality to virtual" of economic development, which has attracted great attention from government management departments. The TVP-VAR model is used to determine the weight of the influence of financial, insurance and real estate factors on financialization, measure the development level of financialization and analyze its transmission mechanism and causes, focusing on the significance of promoting financial openness and improving the financial environment, and using Lasso regression to analyze the influencing factors of real economy development. The results show that financialization can predict the development of real economy, and the impact of positive and negative shocks is asymmetric; Adjusting investment in fixed assets, issuance of government bonds, interest rates and the development of the stock market can all support the development of the real economy. Since 2012, the impact of financialization has changed from inhibition to promotion, indicating that the relevant policies of financial support for the development of the real economy implemented in China have achieved results.