公司成长视角下金融化对经营绩效的影响研究  

The Effect of Financialization on Business Performance from the Perspective of Company Growth

作　　者：许志勇 潘攀 Xu Zhiyong;Pan Pan

机构地区：[1]中南大学商学院

出　　处：《学术前沿》2018年第6期100-103,共4页Frontiers

基　　金：国家自然科学基金项目"商业银行的小企业信贷业务管理研究";项目编号分别为:71173241;国家自然科学基金项目"商业银行小微企业信贷中的信任研究"成果;项目编号分别为:71473275

摘　　要：近年来我国非金融企业金融化获得了快速发展,引起人们对其驱动因素、作用机制以及经济后果的强烈关注。以公司成长为视角,运用资源挤占理论,使用2008年到2016年中国641家上市公司面板数据并采用门限面板回归方法对金融化与经营绩效之间的关系展开研究。实证结果表明:非金融企业金融化与经营绩效间会因为成长机会的差异而呈现出显著的"U型"非线性区间效应;相比国有企业,非国有企业金融资产占总资产的比例和成长机会更高;与非国有企业相比,国有企业的金融化程度更能显著地负向影响企业的经营绩效。In recent years, the financialization of the non-financial enterprises in China has achieved rapid progress, causing pcople to pay close attention to its driving factors, mechanisms of action, and economic consequences. From the perspective of company growth and based on the resource crowding theor3; this article used panel data of 641 listed companies from 2008 to 2016 and adopted the panel threshold regression method to study the relationship between fmancialization and business performance. The empirical results show that the pair will demonstrate a significant ＂U-shaped＂ non-linear interval effect due to differences in growth opportunities; compared with state-owned enterprises, the non-state-owned ones will have higher proportion of financial assets, with better growth opportunities. Yet in contrast, the financialization degree of the state-owned enterprises is better able to negatively affect their operating performances.

关 键 词：金融化 经营绩效 公司成长 产权性质 门限面板回归 

分 类 号：F276.5[经济管理—企业管理]