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【Mingli Lecture,2022, Issue 59】11-25 Professor Zhang Chengsi, Deputy Dean of the School of Finance and Finance, Renmin University of China

Lecture title:The Mystery of Chinese Entity Enterprises Financialization

Time: 14:00-15:30 p.m. on Friday, November 25

Place: # Tencent Conference: 425-637-429

Reporter: Professor Zhang Chengsi, Vice President of the School of Finance and Finance, Renmin University of China

Introduction to the keynote speaker:

Zhang Chengsi, Vice President of the School of Finance and Finance of Renmin University of China, winner of the title of national talent, chief expert of major projects of the National Social Science Foundation, and famous teacher of Beijing. The research field is monetary finance, which puts forward the framework of monetary finance and the theory of modern monetary policy regulation mechanism that connects commodity prices with financial prices. He has published more than 200 academic papers in both Chinese and English, and more than half of the research results in both Chinese and English are cover articles or first articles; He has independently published nearly 10 monographs in Chinese and English, and compiled 5 textbooks such as Modern Finance. He was invited to participate in the symposium of experts from the Office of the CPC Central Committee, the People's Bank of China and the National Development and Reform Commission. In the top 7% of the international academic influence of Chinese economists published by the internationally renowned database IDEAS/RePEC.

Introduction to the report:

In this study, the shadow banking assets held by the entity enterprises are included in the research scope of enterprise financialization, and a portfolio model including explicit financial assets, shadow banking assets and operating assets is constructed to deduce the driving logic of the entity enterprises' financialization at two different levels of traditional financial investment and shadow banking from the theoretical mechanism. On this basis, this paper collects the entrusted loan and entrusted financial management data of China's A-share listed non-financial enterprises through reading the annual report of enterprises one by one, and carries out empirical tests in combination with other financial data. The empirical results show that the relative compound risk of alternative assets is the common driving factor of the dominant financialization of enterprises, while the adjusted interest margin between alternative assets and operating assets is the common driving factor of the proportion of shadow banking investment, and this interest margin has no significant impact on the proportion of dominant financial investment.

(Undertaken by: Department of International Trade and Finance, Scientific Research and Academic Exchange Center)