通货膨胀预期与企业金融资产配置

Inflation expectation and the allocation of corporate financial assets

为应对疫情冲击的影响,国内外经济体积极使用宏观政策来恢复经济.这会让市场主体的通货膨胀预期产生明显变化,同时,市场上的大宗商品等金融资产价格也出现明显变化.出于自身利益考虑,实体企业会改变自身金融资产的配置比例.利用2016—2020年A股上市实体企业的季度面板数据,对通货膨胀预期与企业金融资产配置关系进行门限效应回归和固定效应回归研究.实证结果表明,通货膨胀预期对于实体企业金融资产配置水平的影响存在双门限效应,通货膨胀预期对产权异质性企业金融资产配置水平的影响程度不同.

In response to the impact of the epidemic,domestic and foreign economies have actively used macroeconomic policies to restore the economy.This will cause significant changes in the inflation expectation of market entities.At the same time,the prices of financial assets such as commodities on the market have also changed significantly.Entity enterprise can change the allocation of financial assets for their own benefit.The quarterly panel data of A-share listed entity enterprises from 2016 to 2020 was used to conduct threshold effect regression and fixed effect regression.The empirical results show that the impact of the inflation expectation on the allocation of financial assets has a dual-threshold effect,the inflation expectation has different influence on the financial asset allocation level of enterprises with heterogeneous property rights.