实体企业金融化对微观杠杆率及财务风险的影响研究

The Impacts of the Real Sector Firms’ Financialization on Micro-Leverage Ratio and Financial Risk

随着我国实体企业金融化现象越来越普遍,企业面临的财务风险也在逐渐暴露。对此,本文以公司金融理论为基础,运用动态GMM、面板向量自回归模型,实证检验了实体企业金融化对微观杠杆率和风险承担的作用机制和效果。结果表明:第一,金融化总体上对企业杠杆率有非线性影响,在金融化较高和较低时提高了杠杆率,在中间区域降低了杠杆率;第二,过度负债和负利润会强化金融化程度对杠杆率的促进作用,弱化对杠杆率的降低作用;第三,金融化程度的提高总体上能降低财务风险,但国有企业金融化对财务风险的影响具有非线性特征,金融化程度上升会先降低风险,后推高风险;第四,金融化能够通过降低杠杆率弱化财务风险承担。

The financial risk of firm is gradually exposed with the development of financialization. Based on the corporate finance theories, this paper empirically studies the mechanism and effects of the real sector firms’ financialization on micro-leverage ratio and risk-taking by using dynamic GMM and panel vector autoregression model. The results show that: firstly, financialization mainly has non-linear effects on corporate leverage, which means that increasing corporate leverage when the degree of financialization is higher or lower, whereas decreasing that leverage when it is in the middle range;secondly, over-indebtedness and negative profits strengthen the impact of financialization on promoting leverage, while weakening its impact on reduction of that;thirdly, on the overall level, the improvement of the financialization can reduce financial risk, but for the state-owned firms, the impact has non-linear characteristics on financial risk, which would be lowered risk at first and then increased that risk;lastly, financialization can reduce the financial risk by decreasing leverage.