本文选取中国沪深A股市场上市的非金融企业作为研究对象,探讨了非企业金融化对企业风险的影响研究。研究结果显示,企业金融化与企业风险承担呈现出U型关系,从机制分析来看,企业金融化的金融化行为会通过中介变量资本支出影响企业风险,...本文选取中国沪深A股市场上市的非金融企业作为研究对象,探讨了非企业金融化对企业风险的影响研究。研究结果显示,企业金融化与企业风险承担呈现出U型关系,从机制分析来看,企业金融化的金融化行为会通过中介变量资本支出影响企业风险,而过度融资则调节了非金融企业金融化对资本支出的影响。异质性分析显示,在国有非金融企业和融资约束较高的非金融企业中,非金融企业金融化与企业风险之间的U型关系更加显著。本研究验证了企业金融化行为对控制企业风险的有效性,并提供了微观证据,有助于防范非金融企业过度金融化和实体经济“脱实向虚”的情况。This study selects the non-financial enterprises listed in China’s A-share market as the research object, and discusses the impact of the financialization of non-financial enterprises on corporate risk and its mechanism. The results show that there is a U-shaped relationship between the financialization of non-financial firms and corporate risk-taking. The mechanism analysis shows that the financialization of non-financial firms can affect firm risk through capital expenditure, while excessive financing moderates the impact of the financialization of non-financial firms on capital expenditure. Heterogeneity analysis shows that among state-owned non-financial enterprises and non-financial enterprises with high financing constraints, the U-shaped relationship between the financialization of non-financial enterprises and corporate risk is more significant. This study verifies the effectiveness of the financialization of non-financial enterprises in controlling corporate risks, and provides micro-evidence to help prevent the excessive financialization of non-financial enterprises and the “de-materialization of the real economy”.展开更多
文摘本文选取中国沪深A股市场上市的非金融企业作为研究对象,探讨了非企业金融化对企业风险的影响研究。研究结果显示,企业金融化与企业风险承担呈现出U型关系,从机制分析来看,企业金融化的金融化行为会通过中介变量资本支出影响企业风险,而过度融资则调节了非金融企业金融化对资本支出的影响。异质性分析显示,在国有非金融企业和融资约束较高的非金融企业中,非金融企业金融化与企业风险之间的U型关系更加显著。本研究验证了企业金融化行为对控制企业风险的有效性,并提供了微观证据,有助于防范非金融企业过度金融化和实体经济“脱实向虚”的情况。This study selects the non-financial enterprises listed in China’s A-share market as the research object, and discusses the impact of the financialization of non-financial enterprises on corporate risk and its mechanism. The results show that there is a U-shaped relationship between the financialization of non-financial firms and corporate risk-taking. The mechanism analysis shows that the financialization of non-financial firms can affect firm risk through capital expenditure, while excessive financing moderates the impact of the financialization of non-financial firms on capital expenditure. Heterogeneity analysis shows that among state-owned non-financial enterprises and non-financial enterprises with high financing constraints, the U-shaped relationship between the financialization of non-financial enterprises and corporate risk is more significant. This study verifies the effectiveness of the financialization of non-financial enterprises in controlling corporate risks, and provides micro-evidence to help prevent the excessive financialization of non-financial enterprises and the “de-materialization of the real economy”.
