本文以2007—2019年A股上市公司为研究对象, 考察了企业金融化对财务风险的影响, 进一步探讨了经济政策不确定性对企业金融化和财务风险的调节效应。研究结果表明, 随着企业金融化程度的加深, 财务风险也会增加。经济政策不确定性会降低企业金融化引起的财务风险, 并且该降低效应在治理水平高、金融资产盈利能力强的企业中表现更明显。经济政策不确定性通过改变金融资产结构来降低企业金融化引起的财务风险。作用机制分析表明, 企业金融化增加财务风险的内在机理在于代理成本上升。本文的研究结论为企业合理配置金融资产及政府制定、调整经济政策的频率和透明度提供了参考。
Abstract
China's economy has shown a clear trend of distracting from real economy to virtual economy, and thegovernment and academia are very concerned about this phenomenon. At the micro-level the trend can be regarded as corporatefinancialization which is profoundly changing the behavior of all kinds of enterprises. However, there are few studies that haveexamined the economic consequences of corporate financialization from a risk perspective.
For the purpose of risk prevention, this paper uses the yearly data of all A-share listed companies from 2007 to 2019 toexamine the impact of corporate financialization on financial risks. What's more, this paper examines the moderating effect ofeconomic policy uncertainty on corporate financialization and financial risks. T'he results show that as the degree of corporatefinancialization deepens, financial risks are increased. This paper also finds that economic policy uncertainty may decreasethe financial risks caused by corporate financialization, and the weakening effect is more obvious in the enterprises of goodgovernance and high financial asset profitability. The economic policy uncertainty may decrease the financial risks resultingfrom corporate financialization by changing the structure of financial assets, while the corporate financialization increasesfinancial risks because of rising agency costs.
The research conclusions of this paper provide some reference for enterprises to allocate financial assets reasonably andfor government to formulate and adjust economic policies.
关键词
企业金融化 /
财务风险 /
经济政策不确定性
{{custom_keyword}} /
Key words
Corporate Financialization /
Financial Risks /
Economic Policy Uncertainty
{{custom_keyword}} /
中图分类号：
F830
F275
{{custom_clc.code}}
({{custom_clc.text}})
{{custom_sec.title}}
{{custom_sec.title}}
{{custom_sec.content}}
参考文献
[1] 杜勇, 张欢, 陈建英. 金融化对实体企业未来主业发展的影响: 促进还是抑制[J]. 中国工业经济, 2017 (12): 113-131
[2] 黄贤环, 吴秋生, 王瑶. 金融资产配置与企业财务风险: “未雨绸缪”还是“舍本逐末”[J]. 财经研究, 2018, 44 (12): 101-113+126
[3] 纪洋, 王旭, 谭语嫣等. 经济政策不确定性、政府隐性担保与企业杠杆率分化[J]. 经济学（季刊), 2018, 17(2): 449-470
[4] 李建军, 韩珀. 非金融企业影子银行化与经营风险[J]. 经济研究, 2019 (8): 21-35
[5] 李寿喜. 产权、代理成本和代理效率[J]. 经济研究, 2007 (1): 102-113
[6] 黎文靖, 孔东民. 信息透明度、公司治理与中小股东参与[J]. 会计研究, 2013 (1): 42-49+95
[7] 林钟高, 陈曦. 社会信任, 内部控制重大缺陷及其修复与财务风险[J]. 当代财经, 2016 (6): 118-129
[8] 刘志远, 王存峰, 彭涛等. 政策不确定性与企业风险承担: 机遇预期效应还是损失规避效应[J]. 南开管理评论, 2017, 20 (6): 15-27
[9] 鲁桐, 党印. 公司治理与技术创新: 分行业比较[J]. 经济研究, 2014 (6): 115-128
[10] 马连福, 冯慧群. 董事会资本对公司治理水平的影响效应研究[J]. 南开管理评论. 2014, 17 (2): 46-55
[11] 孟庆斌, 师倩. 宏观经济政策不确定性对企业研发的影响: 理论与经验研究[J]. 世界经济, 2017 (9): 77-100
[12] 聂辉华, 阮睿, 沈吉. 企业不确定性感知, 投资决策和金融资产配置[J]. 世界经济, 2020 (6): 79-100
[13] 彭俞超, 倪骁然, 沈吉. 企业“脱实向虚”与金融市场稳定——基于股价崩盘风险的视角[J]. 经济研究, 2018 (10): 52-68
[14] 戚津东, 张任之. 金融资产配置对企业价值影响的实证研究[J]. 财贸经济, 2018, 39 (5): 38-52
[15] 饶品贵, 岳衡, 姜国华. 经济政策不确定性与企业投资行为研究[J]. 世界经济, 2017(2): 27-51
[16] 温忠麟, 张雷, 侯杰泰等. 中介效应检验程序及其应用[J]. 心理学报, 2004, 36 (5): 614-620
[17] 肖崎, 廖鸿燕. 企业金融化对宏观经济波动的影响——基于杠杆率的中介效应研究[J]. 国际金融研究, 2020(8): 13-23
[18] 叶康涛, 刘行. 公司避税活动与内部代理成本[J]. 金融研究, 2014 (9): 158-176
[19] 于富生, 张敏, 姜付秀, 任梦杰. 公司治理影响公司财务风险吗?[J]. 会计研究, 2008 (10): 52-59
[20] 张成思, 张步昙. 中国实业投资率下降之谜: 经济金融化视角[J]. 经济研究, 2016 (12): 32-46
[21] Altman E I. Financial Ratios, Discriminant Analysis and the Prediction of Corporate Bankruptcy[J]. Journal ofFinance, 1968, 23 (4): 589-609
[22] Baker S R, Bloom N, Davis S J. Measuring Economic Policy Uncertainty[J]. The Quarterly Journal of Economics, 2016, 131 (4): 1593-1636
[23] Demir F. Financial Liberalization, Private Investment and Portfolio Choice: Financialization of Real Sectorsin Emerging Markets[J]. Journal of Development Economics, 2009, 88 (2): 314-324
[24] Gulen H, lon M. Policy Uncertainty and Corporate Investment[J]. The Review of Financial Studies, 2016, 29(3): 523-564
[25] Huang Y, Luk P. NMeasuring Economic Policy Uncertainty in China[J]. China Economic Review, 2020, 59: 1-18
[26] Tori D, Onaran 0. The Effects of Financialization on Investment: Evidence from Firm-Level Data for the UK[J]. Cambridge Journal of Economics, 2018, 42 (5): 1393-1416
{{custom_fnGroup.title_cn}}
脚注
{{custom_fn.content}}
基金
* 本文获辽宁省社会科学规划基金项目“影子银行业务规模对商业银行系统性风险的影响机制研究”(L19BJY023)资助。
{{custom_fund}}
京公网安备 11010202008337号
