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the degree of corporate financialization of listed companies mainly revolves around the behavior of listed companies in the financial market and its impact on corporate resource allocation and profit sources. specifically, the degree of corporate financialization of listed companies refers to the extent to which listed companies gradually shift their capital operations and resource allocation toward the financial market during their operations, and increase their investment in financial assets and rely on financial channels to obtain profits.

calculation formula: 1. enterprise financialization degree (finratio) = (trading financial assets + derivative financial assets + net amount of loans and advances + net amount of available-for-sale financial assets + net amount of held-to-maturity investments + net amount of investment properties) / total assets

2. in order to provide a more comprehensive description of financialization, a dummy variable (finratio) is introduced as a proxy variable for corporate financialization, that is, whether the enterprise has purchased trading financial assets, derivative financial assets, available-for-sale financial assets, held-to-maturity investments, investment properties, and whether there are any loans or advances.

3. this paper also refers to zhang chengsi (2016)'s approach and uses the ratio of the sum of financial channel profits such as investment income, fair value change gains and losses, and other comprehensive income of non-financial enterprises to operating profits as an indicator to measure corporate financialization (finratio1)

4. at the same time, in order to reduce the result bias caused by negative values, this paper standardizes the profit from financial channels, that is, the degree of financialization of the company (finratio2) = (profit from financial channels - operating profit) / |operating profit|