Understanding the effects on corporate performance of investments in wealth management products
研究中国非金融上市公司购买理财产品对绩效的影响，发现两者呈倒U型关系，投资超过总资产62.57%时正面效应减弱甚至有害，且非国有企业、高杠杆、现金充裕或股权集中度低的企业受益更明显。
Abstract We evaluate how purchases of wealth management products (WMPs) influence the performance of Chinese nonfinancial listed companies. Our main finding is that purchasing WMPs enhances firm performance, but the relation shows an inverted U‐shape: When WMP investment exceeds 62.57% of total assets, its positive effects diminish and ultimately harm performance. Heterogeneity analysis reveals that the performance gains are concentrated among non‐state‐owned enterprises (non‐SOEs), whereas state‐owned enterprises (SOEs) experience no significant benefits or even negative effects. Furthermore, the positive impact of WMPs is more pronounced in firms with higher leverage, abundant cash holdings, or lower top‐shareholder concentration.