Abstract
We examine the convergence of corporate financialization and the impact of macroeconomic changes on corporate financialization in Chinese nonfinancial listed companies. Strong evidence suggests that multiple convergence clubs exist and that macroeconomic changes play an essential role in their composition. Economic growth and financial development positively affect corporate financial asset allocation, while monetary policy negatively affects corporate financial asset allocation. Given macroeconomic changes, companies with high financial investment profitability and low financing constraints tend to allocate more to financial assets. In contrast, companies with poor financial investment performance and limited financing capacity do not have significant financial investment preferences.
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