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The nonlinear linkage between corporate financialization and total factor productivity: Evidence from China

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  • Fu, Senliulu
  • Su, Kun
  • Zhang, Miaomiao

Abstract

In promoting high-quality economic development, this study investigates the relationship between corporate financialization and total factor productivity (TFP) through the lens of internal resource allocation. Using a sample of Chinese non-financial listed firms from 2007 to 2022, we identify an inverted U-shaped relationship between financialization and TFP, with investment efficiency and corporate innovation as key underlying mechanisms. Additionally, gambling culture positively moderates this relationship and intensifies the curve’s steepness, while Confucian culture negatively moderates this relationship and flattens the curve. Heterogeneity analysis reveals that the curve is steeper for state-owned enterprises (SOEs) compared to non-SOEs, and the turning points shift to the right under higher financing constraints. Our further categorization of financial assets into monetary, investment, and speculative types demonstrates that monetary financial assets, characterized by more precautionary savings, exert a more significant nonlinear impact on TFP than the other two types. These findings illustrate the nuanced effects of corporate financialization on TFP and offer practical insights for leveraging financial assets to enhance high-quality economic development.

Suggested Citation

  • Fu, Senliulu & Su, Kun & Zhang, Miaomiao, 2026. "The nonlinear linkage between corporate financialization and total factor productivity: Evidence from China," Research in International Business and Finance, Elsevier, vol. 83(C).
    • Handle: RePEc:eee:riibaf:v:83:y:2026:i:c:s0275531925005252
    DOI: 10.1016/j.ribaf.2025.103269
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    JEL classification:

    • G30 - Financial Economics - - Corporate Finance and Governance - - - General
    • G31 - Financial Economics - - Corporate Finance and Governance - - - Capital Budgeting; Fixed Investment and Inventory Studies
    • G32 - Financial Economics - - Corporate Finance and Governance - - - Financing Policy; Financial Risk and Risk Management; Capital and Ownership Structure; Value of Firms; Goodwill
    • G38 - Financial Economics - - Corporate Finance and Governance - - - Government Policy and Regulation

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