{"id":{"repo_id":"temple","oai_identifier":"oai:scholarshare.temple.edu:20.500.12613/11224"},"canonical_url":"https://search.dev.ndltd.org/etd/temple/oai:scholarshare.temple.edu:20.500.12613/11224","repository":{"repo_id":"temple","name":"Temple University","base_url":"https://scholarshare.temple.edu/server/oai/request"},"display":{"title":"MOTIVATIONS AND ECONOMIC CONSEQUENCES OF CORPORATE FINANCIALIZATION: EVIDENCE FROM CHINESE LISTED NON-FINANCIAL COMPANIES","abstract":"The increasing trend of financialization in Chinese listed firms has drawn attention from the academic community. This paper is based on the financial data of 2,154 nonfinancial and non-real estate listed companies from 2008 to 2018 and aim to investigate the driving factors and economic consequences of corporate financialization in Chinese capital market. The results show that corporate financialization in China is influenced by motives such as preventive savings, investment substitution, shadow banking, and earnings management. The latter three motives are more pronounced than preventive savings, suggesting a speculative nature to the financialization trend, which separates these companies from the real economy's development. In terms of economic consequences, financialization tends to displace primary business activities, particularly in corporate research and development (R&D) investments. Over the long term, this may lead to insufficient incentives for corporate innovation and development, gradually weakening their competitive edge. Therefore, it is crucial to focus on supporting the real economy, enhancing financial supervision, and guiding companies to stay aligned with their intended objectives to prevent excessive financialization.","abstract_html":"The increasing trend of financialization in Chinese listed firms has drawn attention from the academic community. This paper is based on the financial data of 2,154 nonfinancial and non-real estate listed companies from 2008 to 2018 and aim to investigate the driving factors and economic consequences of corporate financialization in Chinese capital market. The results show that corporate financialization in China is influenced by motives such as preventive savings, investment substitution, shadow banking, and earnings management. The latter three motives are more pronounced than preventive savings, suggesting a speculative nature to the financialization trend, which separates these companies from the real economy's development. In terms of economic consequences, financialization tends to displace primary business activities, particularly in corporate research and development (R&D) investments. Over the long term, this may lead to insufficient incentives for corporate innovation and development, gradually weakening their competitive edge. Therefore, it is crucial to focus on supporting the real economy, enhancing financial supervision, and guiding companies to stay aligned with their intended objectives to prevent excessive financialization.","abstract_has_math":false,"creators":["Zhou, Lan"],"institution":"Temple University. Libraries","degree_name":null,"degree_level":null,"degree_discipline":null,"degree_department":null,"school":null,"contributors":[],"advisors":["Bakshi, Gurdip"],"committee_chairs":[],"committee_members":["Gao Bakshi, Xiaohui","Rosen, Samuel","Basu, Sudipta, 1965-"],"year":2025,"date_issued":"2025-05","date_published":"2025-05","updated_at":"2026-07-27T21:20:51Z","subjects":["Finance","Corporate financialization","Earnings management","Investment substitution","Precautionary saving","R&D investment","Shadow banking"],"languages":["eng"],"rights":["IN COPYRIGHT- This Rights Statement can be used for an Item that is in copyright. Using this statement implies that the organization making this Item available has determined that the Item is in copyright and either is the rights-holder, has obtained permission from the rights-holder(s) to make their Work(s) available, or makes the Item available under an exception or limitation to copyright (including Fair Use) that entitles it to make the Item available."],"rights_urls":["http://rightsstatements.org/vocab/InC/1.0/"],"identifier_entries":[]},"links":{"outbound_url":"https://scholarshare.temple.edu/handle/20.500.12613/11224","outbound_label":"Repository record","outbound_source":"dc:identifier.uri"},"metadata_groups":[{"id":"people","label":"People","entries":[{"key":"dc:contributor.advisor","label":"Advisor","values":["Bakshi, Gurdip"]},{"key":"dc:contributor.committeemember","label":"Committee Member","values":["Gao Bakshi, Xiaohui","Rosen, Samuel","Basu, Sudipta, 1965-"]},{"key":"dc:creator","label":"Author","values":["Zhou, Lan"]}]},{"id":"academic_context","label":"Academic Context","entries":[{"key":"dc:date.accessioned","label":"Dc Date Accessioned","values":["2025-08-13T15:29:55Z"]},{"key":"dc:date.available","label":"Dc Date Available","values":["2025-08-13T15:29:55Z"]},{"key":"dc:date.issued","label":"Date","values":["2025-05"]},{"key":"dc:publisher","label":"Institution","values":["Temple University. 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Using this statement implies that the organization making this Item available has determined that the Item is in copyright and either is the rights-holder, has obtained permission from the rights-holder(s) to make their Work(s) available, or makes the Item available under an exception or limitation to copyright (including Fair Use) that entitles it to make the Item available."]},{"key":"dc:rights.uri","label":"Rights URI","values":["http://rightsstatements.org/vocab/InC/1.0/"]}]},{"id":"identifiers","label":"Identifiers","entries":[{"key":"dc:identifier.uri","label":"Identifier URI","values":["https://scholarshare.temple.edu/handle/20.500.12613/11224"]}]},{"id":"additional","label":"Additional Metadata","entries":[{"key":"dc:description.abstract","label":"Abstract","values":["The increasing trend of financialization in Chinese listed firms has drawn attention from the academic community. This paper is based on the financial data of 2,154 nonfinancial and non-real estate listed companies from 2008 to 2018 and aim to investigate the driving factors and economic consequences of corporate financialization in Chinese capital market. The results show that corporate financialization in China is influenced by motives such as preventive savings, investment substitution, shadow banking, and earnings management. The latter three motives are more pronounced than preventive savings, suggesting a speculative nature to the financialization trend, which separates these companies from the real economy's development. In terms of economic consequences, financialization tends to displace primary business activities, particularly in corporate research and development (R&D) investments. Over the long term, this may lead to insufficient incentives for corporate innovation and development, gradually weakening their competitive edge. Therefore, it is crucial to focus on supporting the real economy, enhancing financial supervision, and guiding companies to stay aligned with their intended objectives to prevent excessive financialization."]},{"key":"dc:description.degree","label":"Dc Description Degree","values":["D.S."]},{"key":"dc:title","label":"Title","values":["MOTIVATIONS AND ECONOMIC CONSEQUENCES OF CORPORATE FINANCIALIZATION: EVIDENCE FROM CHINESE LISTED NON-FINANCIAL COMPANIES"]}]}],"canonical_facts":{"dc:contributor.advisor":["Bakshi, Gurdip"],"dc:contributor.committeemember":["Gao Bakshi, Xiaohui","Rosen, Samuel","Basu, Sudipta, 1965-"],"dc:creator":["Zhou, Lan"],"dc:date.accessioned":["2025-08-13T15:29:55Z"],"dc:date.available":["2025-08-13T15:29:55Z"],"dc:date.issued":["2025-05"],"dc:description.abstract":["The increasing trend of financialization in Chinese listed firms has drawn attention from the academic community. This paper is based on the financial data of 2,154 nonfinancial and non-real estate listed companies from 2008 to 2018 and aim to investigate the driving factors and economic consequences of corporate financialization in Chinese capital market. The results show that corporate financialization in China is influenced by motives such as preventive savings, investment substitution, shadow banking, and earnings management. The latter three motives are more pronounced than preventive savings, suggesting a speculative nature to the financialization trend, which separates these companies from the real economy's development. In terms of economic consequences, financialization tends to displace primary business activities, particularly in corporate research and development (R&D) investments. Over the long term, this may lead to insufficient incentives for corporate innovation and development, gradually weakening their competitive edge. Therefore, it is crucial to focus on supporting the real economy, enhancing financial supervision, and guiding companies to stay aligned with their intended objectives to prevent excessive financialization."],"dc:description.degree":["D.S."],"dc:identifier.uri":["https://scholarshare.temple.edu/handle/20.500.12613/11224"],"dc:language.iso":["eng"],"dc:publisher":["Temple University. Libraries"],"dc:rights":["IN COPYRIGHT- This Rights Statement can be used for an Item that is in copyright. Using this statement implies that the organization making this Item available has determined that the Item is in copyright and either is the rights-holder, has obtained permission from the rights-holder(s) to make their Work(s) available, or makes the Item available under an exception or limitation to copyright (including Fair Use) that entitles it to make the Item available."],"dc:rights.uri":["http://rightsstatements.org/vocab/InC/1.0/"],"dc:subject":["Finance","Corporate financialization","Earnings management","Investment substitution","Precautionary saving","R&D investment","Shadow banking"],"dc:title":["MOTIVATIONS AND ECONOMIC CONSEQUENCES OF CORPORATE FINANCIALIZATION: EVIDENCE FROM CHINESE LISTED NON-FINANCIAL COMPANIES"],"dc:type":["Text"]},"updated_at":"2026-07-27T21:20:51Z"}