企业金融化与债务融资成本——来自中国A股上市公司的证据

Enterprise Financialization and Cost of Debt Financing——Evidences from Chinese A-Share Listed Companies

本文以2007-2018年中国A股上市公司为研究样本,从债权人的视角,考察企业金融化对债务融资成本的影响。研究发现,企业金融化导致债务融资成本增加,且这种影响主要源于企业配置的长期金融资产而非短期交易性金融资产。从作用机制上看,企业金融化提升了企业面临的经营风险,债权人要求更高的风险溢价导致债务融资成本增加;进一步研究发现,良好的内部控制能够缓解企业金融化对债务融资成本的负面影响。

This paper takes China’s A-share listed companies during 2007-2018 as samples to examine the impacts of enterprise financialization on debt financing costs from the perspective of creditor.It’s found that the financialization of enterprise leads to an increase in the cost of debt financing,and this impact mainly stems from the long-term financial assets allocated by the enterprise rather than the short-term transactional financial assets.From the perspective of impact mechanism,enterprise financialization increases the business risk of the enterprise,and the higher risk premium required by creditor leads to an increase in debt financing cost;the further research shows that sound internal control can alleviate the negative impact of enterprise financialization on debt financing cost.