实体企业金融化与企业风险:抑制还是引致?

The Financialization of Entity Enterprises and Enterprise Risk:Restrain or Induce?

本文以2011-2021年A股非金融类上市企业为样本,实证分析了实体企业金融化与企业风险之间的关系。研究表明,在“投资替代”动机下,实体企业金融化对企业风险形成有促进作用。作用机制分析显示,金融资产并未充当“防御性储蓄”的角色来缓解企业融资约束和抑制企业风险,相反,金融化实际上挤压了企业主营业务发展,并引致了企业风险。进一步研究发现,投资性房地产发挥“投资替代”作用而引致风险,而长期股权投资发挥抑制风险作用。同时,“投资替代”动机更强的企业,引致风险的效果也越显著。本文研究结果为防范化解实体企业因金融化引发的企业风险及金融精准服务实体经济提供了经验证据和启示。

Based on the increasingly prominent trend of financialization in China s real economy,this study employs a sample of non-financial listed companies in the A-share market from 2011 to 2021 to empirically analyze the relationship between the financialization of real enterprises and corporate risks.The research findings indicate that under the motive of“investment substitution,”the financialization of real enterprises contributes to the formation of corporate risks.Analysis of the underlying mechanisms reveals that financial assets do not serve as a“defensive savings”to alleviate financing constraints and suppress corporate risks;instead,financialization actually constrains the development of the core business of enterprises,leading to increased corporate risks.Furthermore,further research reveals that investment-oriented real estate plays a role in“investment substitution”and contributes to risks,while long-term equity investments serve to mitigate risks.Moreover,enterprises with stronger motives for“investment substitution”demonstrate a more significant effect on risk.The results of this study provide evidence and insights for preventing and mitigating corporate risks caused by the financialization of real enterprises,as well as for delivering precise financial services to the real economy.