杠杆交易力量与企业金融化——基于准自然实验的经验证据

Power of Leverage Trading and Financialization:Evidence from Quasi-nature Experiment

文章以外部投资者交易力量对企业投资决策行为的影响作为切入点,基于2010年我国资本市场分批扩容的融资融券作为准自然实验,探究融资融券的杠杆交易力量与企业金融化之间的因果关系。实证研究发现,融资融券的杠杆交易力量会扩大企业金融化。上述研究结论从外部投资者交易力量的视角揭示了企业金融化的制度诱因,拓展与深化了企业金融化动因研究,丰富了融资融券制度对企业投资行为的经济后果的相关研究。

Based on the batch expansion margin trading and short selling as a quasi-natural experiment in China's capital market in 2010,the paper explored the causal relationship between the power of leverage trading(PLT)and financialization from the perspective of the impact of trading power of external investors on the investment decision-making behavior.Empirical research found that the PLT of margin trading and short selling enhanced the financialization.From the perspective of the trading power of external investors,the above research findings revealed its institutional incentives,developed its motivation theories,and enriched the economic consequences of the PLT on the investment behavior.