“子强母弱”型集团与上市公司金融化水平

“strong subsidiary and week parent”Group and the Financialization Level of Listed Companies

选取2007—2019年我国沪深上市实体企业的样本数据,实证检验“子强母弱”型集团与上市公司金融化之间的关系及其作用机理。研究发现:(1)与非“子强母弱”型集团相比,“子强母弱”型集团会显著提升上市公司金融化水平,且金融化水平的提升增加了“子强母弱”型集团面临的违约风险。(2)“子强母弱”型集团通过提升代理成本,进而提升上市公司的金融化水平。(3)当集团设立了财务公司、分析师关注度较高和内部控制质量较好时,“子强母弱”型集团对上市公司金融化的促进作用受到显著抑制;而上市公司为国企时,“子强母弱”型集团对上市公司金融化水平的促进作用更强。研究结论能够揭示“子强母弱”型集团影响上市公司金融化的作用机理,为进一步认识“子强母弱”型集团以及有针对性地抑制该类型企业的金融化行为提供经验证据。

Based on the sample data of listed entities in Shanghai and Shenzhen stock exchanges from 2007 to 2019,this paper empirically tests the relationship between the“strong subsidiary and week parent”group and the financialization of listed companies and its mechanism.The findings are as follows:(1)“strong subsidiary and week parent”groups will significantly improve the financialization level of listed companies,and increase its default risk faced.(2)The“strong subsidiary and week parent”group can improve the financialization level of listed companies by improving the agency problem.(3)When the group has set up a financial company,the analysts pay more attention to it and the internal control quality is good,it can significantly restrain the financialization level of“strong subsidiary and week parent”group;When the listed company is a state-owned enterprise,the“strong subsidiary and week parent”group plays a stronger role in promoting the financialization level of the listed companies.The results reveal the mechanism of the influence of the“strong subsidiary and week parent”group on the financialization of listed companies,and provide empirical evidence for further understanding of the“strong subsidiary and week parent”group and for restraining the financialization behavior of this type of enterprises.