金融资产配置对企业价值影响的实证研究  

The Empirical Research on the Impact of the Financial Asset Allocation on Firm Value

作　　者：戚聿东 张任之[2] QI Yudong;ZHANG Renzhi(Beijing Normal University,100875;Capital University of Economics and Business,100070)

机构地区：[1]北京师范大学经济与工商管理学院 [2]首都经济贸易大学工商管理学院

出　　处：《财贸经济》2018年第5期38-52,共15页Finance & Trade Economics

基　　金：国家社会科学基金重点项目"深化国有企业改革问题研究"(13AJY012)

摘　　要：随着中国经济金融化程度的不断加深,金融资产已经成为实体企业资产的重要组成部分,对企业价值的创造具有重要影响。本文以2007—2016年中国A股非金融上市公司为研究样本,通过构建不同持有动机下的计量模型,实证分析金融资产配置与企业价值之间的关系。研究结果表明,企业金融资产配置在整体上显著降低了企业价值,对于融资约束程度不同的公司,企业金融资产比重与企业价值之间并不存在显著相关关系;而对于市场套利动机越强的公司而言,企业金融资产比重与企业价值之间的负向相关关系越显著。进一步研究发现,企业配置金融资产对研发投入和资本投资产生"挤出效应",而且显著抑制了企业经营业务全要素生产率的提升。最后,本文针对"脱实入虚""实体部门金融化"等现象从政府和企业两个层面提出了相关政策建议。With the deepening of financialization,financial assets have become an important part of firmsassets,and have an important influence on firm value creation.This paper takes the nonfinancial listed companies of A shares in China from 2007 to 2016 as the study subject,by constructing the model under different holding motives,and empirically analyzes the relationship between the financial asset allocation and firm value.The results show that the firm financial asset allocation as a whole can significantly reduce the firm value of the enterprise.For companies with different levels of financing constraints,there is no significant correlation between financial assets allocation and firm value;and for the firms with stronger arbitrage motive,there is a significant negative correlation between the financial asset allocation and firm value.Further studies have found that the allocation of financial assets has a crowding out effect on R&D investment and capital investment,and significantly inhibits the promotion of TFP.Finally,this paper puts forward relevant policy recommendations from two aspects of government and enterprise and in view of the phenomenon of“off real but into fictitious economy”and“the real sector being financial”.

关 键 词：金融资产配置 企业价值 传导机制 市场套利 

分 类 号：F275[经济管理—企业管理]