实体企业金融化对公司绩效的影响研究

Research on the Impact of Entity Financialization on Corporate Performance

文章使用A股上市非金融企业2011—2020的年度财务数据,将金融资产划分为短期金融资产和长期金融资产,分别考察企业金融化对公司绩效的影响。研究发现:企业金融化总体上会显著抑制公司绩效的提升,分不同类型金融资产来看,企业持有短期金融资产会起到提升公司绩效的作用,而持有长期金融资产则会抑制公司绩效的提升。分企业产权性质、行业和融资约束程度来看,获取信贷困难的非国有企业、以发展实体经济为根基的制造业企业和寻求高成长性的低融资约束企业的公司绩效对企业金融化带来的负效应更为敏感。文章有针对性地区分不同类型的金融资产进行分析,研究结论对实体企业合理配置金融资产和政府部门加强金融监管具有重要启示。

Using the annual financial data of A-share listed non-financial enterprises from 2011 to 2020,this paper divides financial assets into short-term financial assets and long-term financial assets to investigate the impact of enterprise financialization on corporate performance.The results show that:Corporate financialization will significantly inhibit the improvement of corporate performance on the whole.According to different types of financial assets,holding short-term financial assets will improve the company’s performance,while holding long-term financial assets will inhibit the improvement of the company’s performance.According to the nature of enterprise property rights,industries and the degree of financing constraints,the corporate performance of non-state-owned enterprises with difficulty in obtaining credit,manufacturing enterprises based on the development of real economy and enterprises seeking high growth and low financing constraints is more sensitive to the negative effects brought by enterprise financialization.This paper analyzes different types of financial assets,and the research conclusions also have some important enlightenments for entity enterprises to reasonably allocate financial assets and government departments to strengthen financial supervision.