企业金融化对企业业绩的影响研究——基于期限结构异质性视角

The Influence of Firms’Financialization on the Firms’Performance——Based on the Heterogeneity of Term Structure

企业金融化反映了微观层面金融与实体经济关系,与企业业绩存在复杂的联系。以2010-2018年在A股上市的非金融企业为样本,从期限结构异质性视角出发,实证检验了企业金融化对短期、长期业绩的影响及传导渠道。结果显示:企业金融化与短期业绩是正相关关系,与长期业绩是负相关关系,并在短期通过逐利渠道、长期通过实业投资渠道对企业业绩产生不同影响;通过不同的分组回归发现,企业金融化对短期、长期业绩的影响随着产权性质、所处生命周期和地域位置的不同而表现出异质性。进一步研究发现,四大会计师事务所审计、高融资约束以及高信息透明度能够显著改善甚至扭转金融化对企业长期业绩的负向影响,高企业社会责任则相反。本文的研究有助于深入理解金融化影响企业业绩的内在逻辑,为监管部门制定相关政策与推动金融服务实体经济提供经验证据。

Firms’financialization reflects the relationship between finance and real economy at the micro level,and has a complex relationship with operating performance.Based on the sample of non-financial firms listed in A-share market from 2010 to 2018,this paper empirically tests the impact of firms’financialization on long-term and short-term performance and its transmission mechanism from the perspective of term structure heterogeneity.The results show that financialization has a positive correlation with short-term performance and a negative correlation with long-term performance through the profit channel on short-term and industrial investment channel on long-term.By different group regression,we find that the impact of financialization on long-term and short-term performance varies with the nature of property rights,the life cycle and the regions.Further research shows that the four major accounting firms audit,high financing constraints and high information transparency can significantly improve or even reverse the negative impact of finan⁃cialization on long-term performance,but not high corporate social responsibility.The study of this paper is helpful to understand the internal logic of fi⁃nancialization affecting performance,and provides empirical evidence for regulatory authorities to formulate relevant policies and promote financial services to the real economy.