摘要
以中国上市制造业企业2007—2018年的面板数据为样本,研究实体企业金融化的动因及其对生产性投资的影响。结果表明,实体企业金融化与相对收益率和相对风险显著相关。同时,实体企业金融化对生产性投资既存在挤出效应,也存在风险对冲效应,且这两种效应因企业所有权和规模不同而有所差异。其中,相比于国有企业和大规模企业,非国有企业和小规模企业的金融化投资对生产性投资的风险对冲效应相对较大,但仍小于挤出效应。进一步综合来看,实体企业金融化虽能缓解企业面临的整体风险,但对企业价值的影响却不显著,而且不同流动性的金融化投资均对企业价值没有显著影响。
Based on the panel data of China's listed manufacturing enterprises from 2007 to 2018,this paper studies the motivation of financialization of real enterprises and its impact on productive investment.The results show that the financialization of real enterprises is significantly related to relative rate of return and relative risk.At the same time,real enterprise financialization has both crowding out effect and risk hedging effect on productive investment,and the two effects are different due to the different ownership and scale of enterprises.Among them,compared with state-owned enterprises and large-scale enterprises,the financial investment of non-state-owned enterprises and small-scale enterprises has a relatively greater risk hedging effect on productive investment,but it is still smaller than the crowding out effect.In a further comprehensive view,although the financialization of real enterprises can alleviate the overall risks faced by enterprises,it has no significant impact on the enterprise value,and the financialized investment with different liquidity has no significant impact on the enterprise value.
作者
李清政
赵芮
LI Qing-zheng;ZHAO Rui
出处
《科学决策》
CSSCI
2021年第5期1-20,共20页
Scientific Decision Making
基金
中央高校基本科研业务费专项资金资助项目(项目编号:JBK2007109)。
关键词
实体企业金融化
生产性投资
挤出效应
风险对冲效应
financialization of real enterprises
productive investment
extrusion effect
risk hedging effect
