摘要
依据2009-2018年沪深两市A股上市非金融企业数据,基于2014年“一带一路”倡议实施这一准自然实验,考量“一带一路”倡议实施对企业金融化水平的影响。结果显示:“一带一路”倡议的实施可以显著抑制企业的金融化水平;“一带一路”倡议实施对企业金融化水平的抑制效应仅在非国有企业、内部控制质量高、东部地区以及重点扶持行业的公司中存在;缓解融资约束是“一带一路”倡议实施抑制企业金融化水平的一个重要渠道。
The Belt and Road Initiative(BRI)in 2014 is used to test the BRI impact on the financial level of enterprises,the channel mechanism and other financial effects in the 2009 A through a sample of non-financial enterprises listed on the A-share market in Shanghai and Shenzhen two cities from 2009 to 2018.The study found that the Belt and Road Initiative can significantly inhibit the financial level of enterprises.Further studies found that BRI has only a negative effect on the level of corporate finance,but only in non-state-owned enterprises,in the areas with high internal control and eastern regions.
作者
曹越
刘泽惠
白玉
CAO Yue;LIU Zehui;BAI Yu(Business School,Hunan University,Changsha,Hunan 410082,China;State Grid Hunan Electric Power Company Limited,Changsha,Hunan 410004,China)
出处
《财经理论与实践》
CSSCI
北大核心
2021年第1期70-78,共9页
The Theory and Practice of Finance and Economics
基金
国家社会科学基金项目(20BGL071)。
关键词
“一带一路”倡议
金融化
融资约束
投资“替代”
the Belt and Road Initiative(BRI)
financialization
financing constraints
investment substitution
