实体企业金融化、货币政策与股价崩盘风险

Financialization of Real Business Entity,Monetary Policy and Stock Price Crash Risk

以中国沪深两市2007～2016年上市公司为研究对象,基于中国实体企业不断金融化的现实背景,系统研究实体企业金融化、货币政策与公司股价崩盘风险之间的关系。研究表明,实体企业金融化增大了公司经营不确定性和公司风险,恶化了公司代理问题,进而增加股价崩盘风险。宽松的货币政策会助长实体企业的金融化,增强实体企业金融化的股价崩盘风险效应。这丰富与拓展了实体企业金融化经济后果与股价崩盘风险影响因素的研究,对于深刻认识实体企业金融化的危害,促进实体经济与虚拟经济协调发展具有重要的启示意义。

By using listed companies in Shanghai and Shenzhen stock exchanges from 2007 to 2016 as research objects, and based on the background of the financialization of real business enti- ties, this paper studies the relationships among the financialization of real business entities, monetary policy and stock price crash risk. The results show that the financialization of real business entity improves the uncertainty of operation and the company risks, deteriorates the agency problems and further increases the stock price crash risk. Easy monetary policy will boost the financial- ization of enterprises and enhance the effect of stock price crash risk on the financialization of real business entiteis. This article enriches and expands the study on the economic consequences of the financialization of real business entity and the influencing factors of stock price crash risk. This paper has important implications for us to recognize the harms of the financialization of real economic entities and promote the coordinated development of the real economy and the virtual economy.