Impact of Financialization on Production Efficiency of China's Marine Companies

Abstract

Deng, J. and Liu, J., 2020. Impact of financialization on production efficiency of China's marine companies. In: Liu, X. and Zhao, L. (eds.), Today's Modern Coastal Society: Technical and Sociological Aspects of Coastal Research. Journal of Coastal Research, Special Issue No. 111, pp. 310–313. Coconut Creek (Florida), ISSN 0749-0208.Under the background of Chinese enterprises turning from real to virtual, the financialization of marine companies is becoming more and more serious. This article takes marine-listed companies as a research sample to study the impact of corporate financialization on production efficiency. The study found that the financialization of marine enterprises has an inverted U-shaped relationship with production efficiency. Research on the classification of financial assets found that short-term financial asset investment has no significant impact on the production efficiency of marine companies, whereas long-term financial asset investment has an inverted U-shaped relationship with production efficiency. The robustness test proved the reliability of the conclusion. This article also found that total financial asset investment and long-term financial asset investment of state-owned marine enterprises have a significant inhibitory effect on production efficiency, whereas the inhibitory effect of nonstate-owned marine enterprises is not obvious. The conclusion has practical significance for promoting high-quality development of China's marine-related industries.