非金融企业金融化、货币政策与经营风险

Financialization of Non-Financial Enterprises,Monetary Policy and OperatingRisk

本文基于2007—2020年A股上市非金融企业数据,探究企业金融化对经营风险的影响,并进一步考察货币政策对金融化与经营风险关系的调节作用。研究结果表明:总体上,企业金融化程度提升使其面临的经营风险加剧,且随着货币供应量的扩大,这一作用逐渐增强。对样本时期进行划分,采用金融收益作为金融化指标,得到与以往研究不同的结论:在货币政策宽松时期,企业金融化对经营风险的正向影响更显著。异质性检验发现:金融化对经营风险的正向影响以及货币政策的强化效应主要体现在经营者受监督程度较低、财务环境较差的企业以及市场化程度较低地区的企业中。进一步研究发现:企业金融化会阻碍未来企业价值的提升。本文研究使用动态指标衡量金融化,并结合货币政策视角,为避免“脱实向虚”引起企业内部经营风险提升提供决策参考。

Summary:In recent years,with the expansion of the financial sector and the growth of capital,non-financial enterprises have become more and more active in the financial field,gradually resulting in the financialization of the economy.With the transformation of the economic activities from substantial to fictitious,the structural problems brought about by China's highspeed economic growth for many years have become prominent,especially the overall operating risk of non-financial enterprises remain high.The existing literature focuses more on the single link between financialization,monetary policy,and enterprise operational risk,but less on putting the three into a unified research framework.This paper examines the financialization of China's A-share non-financial listed companies from 2007 to 2020 by calculating their financial business profits relative to earnings before interest and tax.Besides,this paper also investigates the effect of financial profits on operating risk and how this effect relates to monetary policies.The empirical results suggest that as the proportion of financial income of non-financial enterprises increases,operating risk also increases significantly.Moreover,the impact of monetary policy on operating risk is more pronounced for companies with higher financial business profits,and this effect varies across different types of firms.Further research shows that the risk effect of enterprise financialization can hinder future value promotion.This paper measures financialization from the perspective of financial profit and provides reference for avoiding the internal profit crisis of enterprises caused by financialization in the perspective of monetary policy.