摘要
当前中国实体经济“脱实向虚”现象引发社会的广泛关注,企业金融化是否受到经济周期的影响有待检验.本文以2005年—2019年中国资本市场上市公司为研究样本,考察了经济周期对企业金融化的影响及其情境因素差异.实证分析发现,在经济上行期,企业金融化程度提高,表明当前中国上市公司配置金融资产的“投资替代”动机较强.进一步的研究发现,在管理者面临业绩压力越大的公司,经济周期对企业金融化的促进作用越强,而在低高管持股比例、高融资约束和低行业竞争的公司,经济周期对企业金融化的促进效应被削弱.本文从宏观经济层面验证了企业金融化的“投资替代”动机,不仅丰富了经济周期和企业金融化相关领域的研究,而且对政府和监管部门引导企业适度配置金融资产、防范金融风险也具有一定的现实意义.
At present,the phenomenon of “removing from reality to virtual” in Chinese real economy has aroused widespread concern,and whether corporate financialization is affected by business cycle needs to be tested.This paper,taking listed companies in China's capital market from 2005 to 2019 as a research sample,examines the impact of business cycle on corporate financialization.The empirical analysis shows that corporate financialization enhances when the economy is in the upward cycle,indicating that the allocation of financial assets by Chinese listed companies is more in line with the motivation of “investment substitution”.Further research finds that business cycle contribute more to corporate financialization in firms whose managers are faced with greater performance pressures.While,business cycle contribute less to corporate financialization in companies with low proportions of managerial ownership,high financing constraints and low industry competition.This article,by validating the theory of “investment substitution” from the macro-economic perspective,not only enriches the research on the business cycle and corporate financialization,but also has certain practical significance for the governments and regulatory authorities to guide enterprises to allocate financial assets and manage financial risks.
作者
周泽将
雷玲
李鼎
ZHOU Ze-jiang;LEI Ling;LI Ding(School of Business,Anhui University,Hefei 230601,China;School of Economics,Anhui University,Hefei 230601,China;School of Business Administration,Dongbei University of Finance and Economics,Dalian 116012,China)
出处
《管理科学学报》
CSSCI
CSCD
北大核心
2023年第7期17-31,共15页
Journal of Management Sciences in China
基金
国家自然科学基金资助项目(72172001)
安徽省自然科学基金资助优青项目(2208085Y22)
安徽省高校杰出青年资助项目(2022AH020001)。
关键词
经济周期
企业金融化
投资替代
business cycle
corporate financialization
investment substitution
