中国实体企业的金融化分层与投融资决策影响机制

Financialization classifications and the impact mechanism of investment and financing decisions of real sector firms in China

本文将金融资产划分为流动型和投资型两大类,引入传统的三期动态投融资模型并拓展到无限期框架,系统考察了金融资产配置如何影响企业投融资决策.理论表明,流动性金融资产有助于降低企业杠杆率并促进未来时期的固定资产投资,即扮演着“蓄水池”功能;而投资性金融资产在提升企业杠杆率的同时会挤出未来时期的固定资产投资,即扮演着“替代品”功能•特别地,流动性金融资产的“蓄水池”功能在不同期限保持一致,但投资性金融资产的“替代品”功能在长期将发生反转,资金池增加会降低企业在未来时期的杠杆率并促进固定资产投资•随后,本文基于2007年~2019年中国非金融类上市公司的半年期数据,以金融资产持有份额和金融渠道获利分别作为流动性金融资产和投资性金融资产的度量指标,利用多项式逆滞后(PIL)框架实证检验了金融资产配置对企业投融资变动的时变影响,结果证实了上述理论推断.

This paper extends the classical three-stage dynamic model to investigate how financial assets allocations affect corporate financing and investment decisions by dividing financial assets into liquid and speculative assets.Theoretical analysis shows that holding liquid assets lowers leverage and promotes real investment,while speculative assets plays an opposite role.Specifically,the reservoir roles of liquid assets maintain consistent across time horizons,but the substitution roles of speculative assets will change into reservoirs in the long term for providing more capital with higher return on assets.Further,based on the semi-annual nonfinan-cial listed firms from 2007 to 2019,this paper measures liquid assets and speculative assets with the ratios of financial assets holding and financial profits over total assets respectively,and found results,using the polynomial inverse lag(PIL)approach,consistent with theoretical predictions.