非金融企业金融化程度与杠杆率变动的关系--来自A股上市公司和发债非上市公司的证据

The Relationship between the Degree of Financialization of Non-Financial Enterprises and the Change in Leverage of Non-Financial Enterprises——Evidences of A-Stock Listed Companies and Non-Listed Bond-Issuing Companies

本文对2007~2015年2 232家上市公司和发债非上市公司的平衡样本研究后发现:中国非金融企业金融化程度不断提高,总体来看金融资产配置比例适度且风险可控,对非金融企业充分利用资金、增加收益、调结构、降杠杆起到了积极作用;其中,上市公司金融资产配置提高对降杠杆具有正面作用,且其金融化行为特征基本上都为"盈余效应"或"盈余效应"和"替代效应"共存;而非上市公司金融资产配置提高对降低杠杆率存在负面影响,且其金融化行为特征基本上都为"替代效应"。

This paper presents a study of the impacts of financialization of non-financial enterprises on the leverage ratio. The study of the balanced samples of 2 232 listed companies and non-listed bond-issuing companies during 2007- 2015 shows that the financialization of non-financial enterprises in China is continuously improving, the ratio of financial assets is appropriate and the risks are controllable overall, and it has played a positive role in making full use of funds, increasing returns, adjusting structure and reducing leverage in non-financial enterprises; the increase in the financial assets allocation of listed companies has a positive effect on lowering leverage, and the characteristics of financial behavior are basically ＂surplus effect＂ or the co-existence of ＂surplus effect＂ and ＂substitution effect＂, but the increase in non-listed companies has a negative effect, and the characteristics are basically ＂substitution effect＂.