Abstract Based on the annual data of China A-share listed entities from 2009 to 2019, this paper uses panel threshold model to test the dynamic relationship among financialization, risk-taking ability and enterprise value. The results show that there is a threshold effect based on the risk-taking ability of enterprises in the direction of enterprise financialization on enterprise value. When the enterprise's risk-taking ability is low, excessive financialization has a “restraining effect”, which will hinder the promotion of enterprise value. While when the enterprise's risk-taking ability reaches and exceeds the threshold, moderate financialization has a “boosting effect”, which is conducive to the promotion of enterprise value. Further research indicates that the threshold effect is heterogeneous based on the nature of enterprise property rights, geographical distribution and industry nature. When the financialization effect of state-owned enterprises, enterprises in the eastern and central regions and industrial enterprises changes structurally, the threshold value of their risk-taking ability is lower. By introducing the variable of risk-taking ability, the appropriateness of enterprise financialization can be re-identified. The research conclusion can provide a new explanation for the moderate financialization of entity enterprises, and provide a new basis for enterprise investment and financing decision-making and guiding the real economy to “move from virtual to real”.
2023, Vol. 40 
