企业金字塔控股结构与金融化

Corporate Pyramidal Structures and Financialization

基于A股上市公司2007-2018年的样本数据,考察金字塔控股结构对企业金融化的影响。研究发现,金字塔控股结构加剧了企业的金融化程度;机制检验表明,金字塔控股结构通过为企业实现过度融资便利加剧了金融化程度;进一步研究表明,前述效应在货币政策较为宽松的时期、竞争强度相对较小的行业、公司治理水平较低的公司中更加明显;经济后果研究表明,金字塔控股结构加剧了企业金融化程度,抑制了企业创新投入水平。该研究结论对于加强金融市场监管、防范系统性风险提供有益参考。

Based on the sample of Chinese listed firms from 2007 to 2018,this research examines the impact of pyramidal structures on corporate financialization.Results show that the pyramidal structures intensify the degree of corporate financialization.The mechanism tests show that the pyramidal structures intensifies the degree of corporate financialization by facilitating excessive financing for enterprises;Further research shows that the role of pyramidal structures in promoting the degree of corporate financialization is more pronounced in the period of loose monetary policy,industries with lower competition intensity,and companies with poor corporate governance;The study of economic consequences shows that the pyramidal structures intensifies the degree of corporate financialization,and then inhibits firms’innovation investment.The results provide practical implications on improving financial market regulations and preventing systematic financial risks.