四川省上市企业金融化对实体投资的影响研究

The Influence of Financialization of Listed Enterprises on Physical Investment in Sichuan Province

为了考察四川省上市企业金融化对实体投资产生的影响,本文以四川省非金融上市企业为样本,以其财务数据为依据,从金融资产配置角度,运用面板回归固定效应模型对其进行实证研究。研究结论表明四川省上市企业的金融化行为总体上会对实体投资产生挤出效应,且其持有不同类型金融资产对实体投资的影响是不同的。基于以上结论从政府、企业的角度提出具体的对策建议。

In order to investigate the impact of financialization of listed enterprises on physical investment in Sichuan Province,this paper takes non-financial listed enterprises in Sichuan Province as samples,takes their financial data as the basis to make an empirical study by using the panel regression fixed effect model from the perspective of financial asset allocation.The results show that the financialization behavior of listed enterprises in Sichuan Province will crowd out physical investment,and the impact of holding different types of financial assets on physical investment is different.Based on the above conclusions,it puts forward specific countermeasures and suggestions from the perspectives of the government and enterprises.