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

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.