宏观经济不确定性视角下实体企业金融资产配置动机

The Motivation of Financial Asset Allocation of Enterprises:a Study from the Perspective of Economic Uncertainty

近年来,金融与实体经济发展相背离引发的资金“脱实向虚”问题引起高度关注。微观层面,实体企业参与金融资产配置的动机和所产生的经济效果差异显著。就此,本文以2007—2017年上市非金融企业为研究样本,运用固定效应模型和工具变量法进行了实证分析。研究结论表明:我国实体企业进行金融资产配置具有投资获利和缓解融资约束的双重动机,但宏观经济不确定性上升会使逐利动机占据主导,并相对弱化融资约束缓释效果;从企业的异质性角度来看,宏观经济不确定性上升会推动国有企业增加金融投资,这也是我国金融资源配置效率低下的具体表征;相较于其他投资工具,长期股权投资是平滑经济发展中的不确定性影响、缓解融资约束的有效方式。

In recent years,the deviation between financial sector and the development of real economy has aroused great concern.At the micro level,there are significant differences in the motivation and economic effects of real enterprises to participate in the allocation of financial assets.This paper uses the data of the A-share listed companies from 2007 to 2017,to empirically analyze the real effects.The results show that,the financial investment of real enterprises in China have dual motivations:making profits and alleviating financial constraints.However,with the increase of macroeconomic uncertainty,making profits would become the dominating motivation while the other is weakened.State-owned firms would increase financial investment with the increase of macroeconomic uncertainty,which is a symbol of low efficiency of China's financial system.Compared to other investment tools,long term equity investment is the most efficient method to smooth out the effects of macroeconomic uncertainty and alleviate financial constraint.