摘要
战略差异度会增加企业的代理问题,那么代理问题的增加是否会诱使管理层增加金融资产投资而使企业过度金融化呢?以2007-2017年沪深A股上市公司为样本,实证检验了战略差异度与企业金融化之间的关系。研究发现:企业战略差异度越大,其金融化程度越高;行业竞争能够缓解企业战略差异度与其金融化之间的正向关系。进一步的作用机制研究发现:战略差异度是通过增加代理成本而提高企业金融化的。
The degree of strategic differences will increase the agency problems of enterprises,then will the increase of agency problems induce the management to increase financial asset investment and thus make the enterprise become over financialized?Taking the A-share listed companies in Shanghai and Shenzhen stock markets from 2007 to 2017 as samples,this paper empirically tests the relationship between strategic differentiation and corporate financialization.The findings show that the greater the degree of corporate strategic differences,the higher the degree of financialization will be.The industrial competition can alleviate the positive relationship between corporate strategic differences and their financialization.The results of further research on the mechanism of action indicate that it is by increasing agency costs that the degree of strategic difference increases the financialization of enterprises.
作者
孙洁
殷方圆
SUN Jie;YIN Fang-yuan(Tianjin University of Finance and Economics,Tianjin 300222,China)
出处
《当代财经》
CSSCI
北大核心
2020年第12期137-148,共12页
Contemporary Finance and Economics
基金
国家自然科学基金面上项目“多类别非平衡企业信用评估的多SVM集成建模研究”(71771162)。
关键词
战略差异度
企业金融化
行业竞争
经营风险
代理成本
degree of strategic difference
corporate financialization
industrial competition
business risks
agency cost
