非金融类上市公司金融资产配置影响因素研究——基于A股上市公司的实证研究

Factors Affecting Financial Asset Allocation:Evidence from Chinese Listed Companies

运用多元回归分析,实证检验影响非金融类上市公司在2007-2016年里金融资产配置的影响因素。结果表明:金融资产收益率风险越高,非金融类上市公司金融资产配置比例越低;经营资产收益率风险越高,经营资产配置比例越低,呈现出类似"跷跷板"的选择效应。非金融类上市公司未来业绩预期与其金融资产配置正相关。在进一步剔除货币资金后,非金融类上市公司持有金融资产比例与公司预期经营收益负相关,显示出货币资金作为公司生产经营活动的"蓄水池"的角色;上市公司管理层或股东在做出资产配置决策时的确会考虑同行业其他上市公司的资产配置状况,并且倾向于跟随其他公司进行金融资产配置。

Multiple regression analysis was used to empirically examine the factors affecting the allocation of financial assets of non-financial listed companies during 2007-2016.By taking empirical test,it shows that:The higher the risk of return on financial assets,the lower the proportion of financial assets of nonfinancial listed companies;the higher the risk of return on operating assets,the lower the proportion of operating assets showing a similar seesaw effect.The future performance of non-financial listed companies is positively related to the allocation of their financial assets.After further eliminating cash,the companies′future performance is negatively related to the ratio of financial assets held by non-financial listed companies showing the role of currency funds as a " water reservoir" for the company′s production and business activities.At the same time,the management or shareholder of a listed company does consider the asset allocation of other listed company companies in the same industry when making asset allocation decisions,and tends to follow the actions of other companies to allocate financial assets.