非金融企业金融化:“股价稳定器”还是“崩盘助推器”

Is the Financialization of Non-financial Enterprises a Stock Price Stabilizer or a Stock Crash Catalyst?

以2007~2017年中国A股非金融上市公司为研究样本,实证检验非金融企业金融化缓解还是加速了股价崩盘风险,结果表明,金融化显著降低了企业的股价崩盘风险,并且该效应随着企业内部控制质量的提高而增强。进一步研究发现,金融化与股价崩盘风险存在"U型"关系,当超过一定的临界值时,金融化程度越高,股价崩盘风险越大;在区分企业内外部信息环境后发现,金融化与股价崩盘风险的显著负相关关系主要体现在金融生态环境较好、应计盈余操纵较低、股价同步性较小的样本中。作用机制研究表明,金融化主要通过经营业绩的提升和融资约束的改善缓解股价崩盘风险。以上结果说明,当前阶段非金融企业的金融投资行为更多表现为"股价稳定"效应,而非"崩盘助推"效应,然而也应警惕金融化程度不断升高导致两者关系"反转"所可能引发的风险。

Using China’s non-financial A-share listed companies from 2007 to 2017 as a sample,we empirically investigated whether the financialization of non-financial enterprises alleviated or aggravated the risk of a stock price crash. The empirical results showed that financialization significantly reduced the risk of a stock price crash,and such effect was intensified with the enhancement of internal quality controls by enterprises. Further analysis revealed that there was a U-shaped relationship between financialization and the risk of a stock price crash. Beyond a specified threshold,the risk of a stock price crash increased with the rise in the degree of financialization. After enterprises’ internal and external information environments were differentiated,it was found that the significant negative correlation between financialization and the risk of a stock price crash mainly existed in the samples with a favorable financial eco-environment,low degree of accrual earnings manipulation,and low stock price synchronicity. The study on the mechanism of action revealed that financialization could reduce the risk of a stock price crash mainly by improving operating performance and alleviating the financing constraints. In summary,the financial investment behaviors of non-financial enterprises in the current stage mostly provide a stock price stabilizer rather than a stock crash catalyst. Nevertheless,it is necessary to be vigilant against the possible risk of a stock price crash arising from the increasing degree of financialization.