金融资产配置、企业经营风险与企业杠杆率

Financial Asset Allocation,Enterprise Operating Risk and Enterprise Leverage Rate

本文以2007—2017年中国沪深两市A股上市公司为研究样本,从企业配置金融资产的动机出发探究企业金融资产配置与企业杠杆率的关系,并考察企业经营风险在两者关系中的调节作用。研究发现:(1)企业金融资产配置总额越大,企业杠杆率水平越低。(2)短期金融资产配置“预防性储蓄”动机显著,降低了企业杠杆率;长期金融资产配置的“逐利”动机显著,提高了企业杠杆率。(3)企业经营风险在金融资产配置与企业杠杆率的关系中起到了强化的调节作用。(4)短期金融资产对于企业杠杆率的抑制作用在民营企业和中小型企业中更加显著,长期金融资产对企业杠杆率的促进作用在国有企业和大型企业中更加显著。

This paper takes the A-share listed companies in Shanghai and Shenzhen Stock Exchanges of China from 2007 to 2017 as the research sample, explores the relationship between the allocation of financial assets and the leverage ratio of enterprises from the motivation of the allocation of financial assets, and investigates the regulating role of business risks in the relationship between them. It is found that the greater the total allocation of financial assets, the lower the level of leverage. The motivation of “preventive savings” in short-term financial asset allocation is significant, which reduces the leverage ratio of enterprises;the motivation of “profit-seeking” in long-term financial asset allocation is significant, which improves the leverage ratio of enterprises. Business risk plays an important role in regulating the relationship between financial asset allocation and enterprise leverage. The inhibition of short-term financial assets on corporate leverage is more significant in private enterprises and small and medium-sized enterprises, and the promotion of long-term financial assets on corporate leverage is more significant in state-owned enterprises and large enterprises. The conclusion of this paper provides empirical evidence for rational understanding of financial asset allocation, optimizing the structure of financial asset allocation of enterprises, actively and steadily structuring leverage reduction, and guiding the flow of funds to the real economy.