企业金融化、股权激励与公司绩效

Financialization of Enterprises,Equity Incentive and Corporate Performance

近年来企业金融化引发了理论界与实务界的广泛关注与担忧。本文分析了企业金融化对于公司绩效的影响,以及股权激励对于企业金融化负向经济后果的影响及其作用机理。以2010—2019年沪深两市A股上市公司为例,研究发现:(1)企业短期金融资产对于公司绩效会产生正向影响,发挥"促进作用",而企业长期金融资产对于公司绩效会产生负向影响,表现出"挤出效应",而在总体上,企业金融化对于公司绩效具有负向影响;(2)股权激励的实施会促进短期金融资产的正向作用,并且会抑制企业长期金融资产对于公司绩效的负向影响,在总体上能够抑制企业金融化的负向经济后果;(3)区分企业性质的研究发现股权激励对于企业金融化的作用更多体现在民营企业当中。进一步的研究表明,在股权激励实施的模式当中,限制性股票对于企业金融化的影响更为明显。本文的研究为企业金融化经济后果的争论提供了新的证据,丰富了股权激励经济后果的相关研究,同时也为现实当中企业金融资产配置行为以及股权激励的实施提供了一定的现实启示。

In recent years,the financialization of enterprises has aroused widespread concern in the theoretical and practical circles.This paper analyzes the influence of corporate financialization on corporate performance as well as the influence of equity incentive on the negative economic consequences of corporate financialization and its action mechanism.Taking a-share listed companies in Shanghai and shenzhen stock exchanges from 2010 to 2019 as an example,this paper finds that:(1)corporate short-term financial assets have a positive impact on corporate performance and play a"promoting role",while long-term financial assets have a negative impact on corporate performance,showing a"crowding out effect".On the whole,corporate financialization has a significant negative impact on corporate performance;(2)the implementation of equity incentive will promote the positive effect of short-term financial assets.And it will inhibit the negative impact of long-term financial assets on enterprise performance,and can inhibit the negative economic consequences of enterprise financialization on the whole;(3)by distinguishing the nature of enterprises,it is found that the inhibitory effect of equity incentive on the financialization of enterprises is more reflected in private enterprises.The further research shows that compared with stock options,restricted stock has more obvious inhibitory effect on enterprise financialization.The study of this paper provides new evidence for the debate on the economic consequences of financialization of enterprises,enriches the relevant studies on the economic consequences of equity incentive,and also provides some practical enlightenment for enterprises’financial asset allocation behavior and the implementation of equity incentive in reality.This article possible research significance is mainly reflected in the following aspects:first,among the existing studies,some scholars believe that the financialization of enterprises has a positive effect on the economy,while others believe that the financialization of enterprises is more of a negative effect on the performance of enterprises.This study provides new evidence for the debate on the economic consequences of the financialization of enterprises.Second,existing studies on equity incentive pay more attention to the impact of equity incentive on corporate investment,corporate R&D and corporate performance,and relatively little analysis on the impact of equity incentive on corporate financialization.This study enriches relevant studies on the economic consequences of equity incentive.Third,it is of great practical significance to explore the influence of corporate financialization on corporate performance,as well as the influence of equity incentive on the consequence of financialized economy and its action mechanism,for preventing financial systemic risk,further explaining the relationship between executive incentive and corporate performance,and promoting healthy and sustainable economic development.This study has the following important enlightenment.First,this paper clarifies the relationship between the equity incentive and enterprise financialization as well as the relationship between the company’s performance.Although many literature analyzed financialization effect on the company’s performance,but few scholars have analyzed the influence of equity incentive on financialization.The result of this paper is an important supplement to the research on the factors influencing corporate financialization and corporate performance.Second,although the research shows that equity incentive can restrain the negative influence of financialization,in order to give full play to the role of equity incentive to corporate performance,enterprises should carefully consider the details of incentive model and exercise conditions when formulating equity incentive plan,so that equity incentive can play its due incentive role.Third,research shows that the equity incentive effect on the enterprise more is the embodiment of the private enterprises.Although the result may be due to the weak financing constraints of state-owned enterprise,there also may be due to the equity incentive of state-owned enterprises for failing to play their role.In order to avoid equity incentives becoming a"perk"for executives,state-owned enterprises in the equity incentive should be more careful.