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Short-term cross-border capital flows and corporate financialization

Author

Listed:
  • Zhang, Xizhi
  • Wu, Zixi
  • Xian, Chenxu
  • Zhang, Yanjuan

Abstract

This paper selects relevant data from listed manufacturing enterprises in China from 2008 to 2021 as a sample and employs a fixed-effects model to examine the impact of short-term cross-border capital flows on corporate financialization. The study finds that cross-border capital inflows can enhance corporate financialization; when investor sentiment rises, it will, to a certain extent, facilitate the positive effect of short-term cross-border capital inflows on corporate financialization; moreover, the degree of financialization in private enterprises is more significantly influenced by cross-border capital flows.

Suggested Citation

  • Zhang, Xizhi & Wu, Zixi & Xian, Chenxu & Zhang, Yanjuan, 2025. "Short-term cross-border capital flows and corporate financialization," Finance Research Letters, Elsevier, vol. 72(C).
    • Handle: RePEc:eee:finlet:v:72:y:2025:i:c:s1544612324015757
    DOI: 10.1016/j.frl.2024.106546
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