实体企业资金“脱实向虚”:风险、动因及治理

Entity Enterprise Funds “Removing Reality to Virtual”:Risk, Motivation and Governance

立足于我国实体经济与虚拟经济发展过程中出现的严重结构性失衡,实体企业资金“脱实向虚”与经济发展面临较大风险隐患的现实,选择2007-2016年我国沪深A股上市公司作为研究样本,实证分析实体企业资金“脱实向虚”程度和结构及其与企业风险之间的关系,并进一步探索资金“脱实向虚”的动因和治理措施。研究发现:实体企业资金“脱实向虚”程度越高,面临的风险越大;在既定的“脱实向虚”程度下,相较于将资金配置于投资性房地产以外的金融资产,投资性房地产资金配置比例越高带来的企业风险相对更低。进一步研究发现,实体企业将资金配置于高风险、高收益的金融和房地产领域并不具有缓解融资约束的效应,反而表现出严重的套利动机。

Based on the real economy and virtual economy development of our country in the process of serious struc- tural imbalances,entity enterprise capital allocation "removing reality to virtual"serious and potential risks facing the reality of economic development,choose Shanghai and Shenzhen a-share listed companies in China from 2007to 2016as research samples,empirical analysis the relationship between entity enterprise funds "removing reality to virtual"degree and the structure and the enterprise risk.What's more,this paper found the motivation and management measures of funds "removing reality to virtual".Study found that the entity enterprise funds "removing reality to virtual"degree is higher,the greater the risk.In established "removing reality to virtual"degree,compared with the capital allocation in the investment real estate outside of financial assets,the higher the investment real estate funds allocation of enterprise risk is relatively lower.Further found that the entity will capital allocation in the financial and real estate field of high risk,high income does not relieve the effect of financing constraints but show serious arbitrage motives.