| Abstract | To study the public-concerned speculative problem, this paper proposes a hypothesis that financial investment expansion may affect the fluctuation of floating capital through special chain in China’s transitional process, and then we make an empirical test with non-linear STR models. The result shows that, financial investment positively correlated with the total amount of domestic floating capital, but bounded by threshold, the coefficients did not change significantly. In other words, relative to the expansion of government investment, the growth of domestic floating capital is stable. However, in real estate market, when the financial investment expanding acutely, the increase will trigger dramatic expansion of domestic floating capital. This shows that as the core of fiscal policy, the financial investment not only contributes to the accumulation of floating capital, but also influences its internal structure. Then financial investment has become an important driving force of accumulation and concentration of domestic floating capital. |