金融化行为对实体企业风险承担影响研究

Research on Impact of Financialization on Risk-taking of Entity Enterprises Motivation Analysis and Empirical Evidence

本文从资金管理动机和资本套利动机两个方面阐释了金融化行为影响企业风险承担的内在机理,选择2009—2018年我国沪深上市制造业企业数据,实证检验了实体企业金融化行为与风险承担水平之间的关系,并分析了不同融资约束情景条件下实体企业金融化动机差异及其可能存在的调节机制。研究表明,实体企业加大配置金融资产比重会显著提高非金融企业的风险承担水平,但是二者之间呈现了"U"形关系。从金融化动机的分类回归结果来看,实体企业配置金融资产出于资金管理动机抑或资本套利动机,其对风险承担水平的边际效应呈现出了显著差异。此外,融资约束程度在实体企业金融化行为影响风险承担水平的过程中发挥了调节作用,当企业面临较大的融资缺口时,其金融化活动可能出于资本套利动机,金融化行为主要表现为风险"积聚"效应。

This paper explained the internal mechanism of the influence of financial behavior on enterprise risk-taking from two aspects of capital management motivation and capital arbitrage motivation. Based on the data of manufacturing enterprises listed in Shanghai and Shenzhen Stock Exchanges during 2009 to 2018,it empirically tested the relationship between financial behavior and risk-taking level of entity enterprises. The paper also analyzed the differences in the financialization motivation of entity enterprises under different financing constraints and the possible adjustment mechanism. The research shows that increasing the proportion of financial assets allocation by entity enterprises can significantly improve the risk-taking level of non-financial enterprises,but there is a U-shaped relationship between them. According to the classification regression results of financialization motivation,the marginal effect of the allocation of financial assets by entity enterprises is significantly different between that of capital management motivation and capital arbitrage motivation. In addition,the degree of financing constraints plays a mediating role in the impact process of financial behavior on the risk-taking level of entity enterprises.When enterprises face a large financing gap,their financial activities may be motivated by capital arbitrage, hence the financial behavior is mainly manifested as risk"accumulation"effect.