非货币金融资产和经营收益率的U形关系——来自我国上市非金融公司的金融化证据

U-shape Relationship between Non-currency Financial Assets and Operating Profit:Evidence from Financialization of Chinese Listed Non-financial Corporates

本文首先对2007年到2012年我国A股上市公司报表进行重整,从资产中剥离出金融资产,从收益中剥离出金融收益。对面板数据研究发现,公司所持有的非货币性金融资产和公司的经营收益率之间出现U形关系,即高业绩和低业绩的公司都趋向于持有更多金融资产;高业绩公司主要表现为富余效应,低业绩公司主要表现为替代效应;U形关系在交易性金融资产上不明显,而在理财信托类金融资产、投资性房地产和金融机构股权投资上非常明显;高业绩公司中的中大型公司表现出更加明显的富余效应。本文为我国非金融公司的金融化行为特征提供了新的微观证据。

Firstly we restructured the balance sheet and income sheet of Chinese listed firms from 2007 to 2012 by isolating financial assets from total assets and financial profit from total profit. Then we studied the relationship between operating profit rate and financial assets ratio. The conclusions show that there is U - shape relationship between non - monetary financial assets and operating profit of the company, suggesting that firms with high - performance or low - performance tend to hold more financial assets and the surplus effect dominates the high - performance firms while the substitution effect dominates the low - performance firms ; the U - shape relation is obvious for investment property, financial equity investment, financial management products and trusts, but not obvious for market financial products ; middle - sized and large - sized firms show more surplus effect than small - sized firms. The results provide new micro - level evidence of the mechanism of financialization of NFCs.