股价信息含量与非金融企业金融化

Stock Price Informativeness and Financialization of Non-Financial Enterprise

本文从非金融企业金融化这一独特视角,考察了股价信息含量对企业投资决策的影响及其经济机制。研究结果显示,股价信息含量的提高显著抑制了中国非金融上市公司的金融化,并且这种影响在信息透明度较低的上市公司中表现更为显著。进一步的机制检验发现,缓解融资约束和发挥公司治理功能是股价信息含量抑制非金融上市公司金融化的两种重要经济机制。此外本文还发现,股价信息含量有助于抑制非金融上市公司过度金融化的倾向和水平。本文的研究结论丰富了企业金融化影响因素和股价信息含量经济后果的相关研究,揭示了资本市场影响实体经济的重要路径,也为从微观视角促进金融服务实体经济提供了重要启示。

From the unique perspective of the financialization of non-financial enterprises,this paper studies the impact of stock price informativeness on corporate investment decisions and its mechanism.We find that the increase in stock price informativeness has significantly inhibited the financialization of China’s non-financial listed companies,and this effect is more pronounced in listed companies with low information transparency.Further research shows that alleviating financial constraints and exerting corporate governance functions are two important economic mechanisms of stock price informativeness to inhibit the financialization of non-financial listed companies.In addition,this paper also finds that stock price informativeness can help curb the tendency and level of excessive financialization of non-financial listed companies.Our conclusions enrich the relevant research on the influencing factors of corporate financialization and the economic consequences of stock price informativeness,reveal the important path of the capital market’s influence on the real economy,and provide important enlightenment for the promotion of financial services to the real economy from a micro perspective.