摘要
传统资金占用理论认为,资金占用会导致企业对外借贷,提高企业资产负债率。然而,2008—2016年数据显示,央企上市公司存在"高资金占用-低资产负债率"现象,与传统资金占用理论不符。本文研究了融资性贸易与2008年以后央企上市公司"高资金占用-低资产负债率"之谜的内在逻辑关系,结果显示:第一,开展融资性贸易会显著增加企业资金占用,但不会通过资金占用微观传导渠道造成资产负债率显著增加。第二,开展融资性贸易的企业会产生"双向自锁效应"。一方面,融资性贸易增加了资金占用;另一方面,融资性贸易负向调节,甚至阻断资金占用对企业对外借贷的正向影响。这与开展融资性贸易的企业资金占用的自发性和计划性有关,是导致央企上市公司"高资金占用-低资产负债率"的主要原因。本文的结论丰富了与企业资产负债率紧密相关的资金占用理论,验证了融资性贸易对资金占用理论微观机制的"双向自锁效应",为采用资产负债率作为主要变量的会计、金融等领域的研究提供了重要参考。同时,本文对融资性贸易与企业财务特征的解析,可以为政府识别融资性贸易企业,防范企业经营风险提供参考。
According to the traditional capital occupation theory,capital occupation will lead to firms’external borrowing,thus raising their asset-liability ratio.However,data from year 2008 to year 2016 has shown that Chinese listed central enterprises have the characteristics of’high capital occupation&low asset-liability ratio’,which is inconsistent with the traditional theory.This paper examines the relationship between financing trade and’high capital occupation&low asset-liability ratio’of Chinese listed central enterprises after year 2008.The conclusions are as followed:firstly,financing trade will increase the capital occupation of firms while significantly restraining the increase of asset-liability ratio.Secondly,financing trade has a’two-way self-locking effect’.On the one hand,financing trade increases capital occupation.On the other hand,financing trade negatively moderates the relationship between capital occupation and interest-bearing liabilities.The reason behind this is related to the spontaneity and planning of capital occupation of financing trade firms,which is the key factor that leads to’high capital occupation&low asset-liability ratio’of listed central enterprises.The theoretical implication of this paper is that asset-liability ratio is an important variable in financial,accounting and other research fields.Our study enriches the theory about capital occupation and discovers the two-way self-locking effect of financing trade on’capital occupation,interest-bearing liability and asset-liability ratio’.In addition,the practical implication of this paper is that the in-depth analysis of financial characteristics of financing trade firms can provide reference for the government to identify financing trade firms and prevent risks.
作者
周末
张宇杰
谢海滨
雷家骕
Zhou Mo;Zhang Yujie;Xie Haibin;Lei Jiasu(School of Business,University of International Business and Economics;School of Economics and Management,Tsinghua University;School of Finance,University of International Business and Economics)
出处
《国际金融研究》
CSSCI
北大核心
2021年第3期78-86,共9页
Studies of International Finance
基金
国家自然科学基金项目“中国汽车行业资源依赖关系的网络特征及其对企业战略的影响”(71772038)
国家社会科学基金面上项目“中国民营企业合法性战略及其反哺机制研究”(71572034)资助
关键词
融资性贸易
资金占用
资产负债率
央企上市公司
Financing Trade
Capital Occupation
Asset-Liability Ratio
Listed Central Enterprise
