国有企业金融化、股票流动性和企业价值

State-Owned Enterprise Financialization, Stock Liquidity, and Enterprise Value

选取2015~2021年深沪两市A股上市国有企业作为研究对象,深入研究了国有企业金融化对企业价值的影响,并探讨了企业金融化和企业价值的二者之间的关联路径。结果表明:国有企业金融化对于企业价值影响效应与企业金融化水平有关,发现:金融化程度与国有企业价值有明显的负相关关系,当企业金融化水平过高金融化对国有企业的价值产生负面影响,“挤出效应”更明显,同时股票流动性作为国有企业金融化和企业价值之间的中介变量,部分中介效应显著存在,即企业金融化的提升通过降低股票流动性从而降低企业价值。

Selecting A-share listed state-owned enterprises in the Shenzhen and Shanghai stock markets from 2015 to 2021 as research objects, this paper deeply studies the influence of state-owned enterprise financialization on enterprise value, and discusses the correlation path between enterprise financialization and company value. The results show that effect of state-owned enterprise financialization on enterprise value is related to the level of enterprise financialization, and it is found that there is a significant negative correlation between the level of enterprise financialization and the value of state-owned enterprises. When the level of enterprise financialization is too high, the melting of gold has a negative impact on the value of state-owned enterprises, and the “crowding out effect” is more obvious. At the same time, stock liquidity, as a mediating variable between the financialization of state-owned enterprises and enterprise value, some intermediary effects exist obviously, that is, the promotion of enterprise financialization reduces enterprise value by reducing stock liquidity.