基于文本分析法经验证据的企业风险感知与投资策略选择

Enterprise risk perception and investment strategy selection based on empirical evidence from text analysis method

夯实实体企业投资是实现经济高质量发展的重要基础.基于上市公司年报信息,构建了微观企业风险感知指数,并探究了企业风险感知对企业投资策略选择的影响及其机制.研究发现,企业风险感知的提升会促使企业脱实向虚.进一步分析发现,企业风险感知的加深会通过企业财务柔性和相对收益两种渠道促进企业金融化进程.依据调节效应发现,数字技术应用和融资约束均显著促进了企业风险感知对企业金融化的影响,而税收优惠的增加则缓解了企业风险感知对实体投资的抑制作用.此外,异质性检验表明,非国有企业的风险感知程度对企业金融投资的促进更加显著.因此,稳定企业风险预期,从源头缓解企业风险感知,对防范企业脱实向虚并推动经济高质量发展具有重要意义.

Reinforcing investment in real enterprises is an important foundation for achieving high-quality economic development.Based on the annual reports of listed companies,a micro-enterprise risk perception index was constructed,and the impact and mechanism of enterprise risk perception on investment strategy selection were explored.The research found that increased risk perceptions of firms can lead to firms diverting out of the real economy.Further analysis reveals that the deepening of enterprise risk perception will promote the process of enterprise financialization through two channels:financial flexibility and cost-benefit.The moderating effect found that the application of digital technology and financing constraints significantly promoted the impact of corporate risk perception on corporate financialization,while the increase in tax incentives alleviated the inhibitory effect of corporate risk perception on physical investment.In addition,heterogeneity testing indicates that the degree of risk perception of non-state-owned enterprises is more significant in promoting corporate financial investment.Therefore,it is important to stabilize the risk expectation of enterprises and alleviate their risk perception at source,in order to revitalize the real economy and promote high-quality economic development.