企业脱实向虚对资本结构调整速度的影响——来自企业金融化的研究  

The Influence of Firms’Transitionfrom Substantial to Virtual on the Speed of Capital Structure Adjustment--Research on Firms’Financialization

作　　者：田新民[1] 张志强[1] 任光宇[1] TIAN Xinmin;ZHANG Zhiqiang;RENG Guangyu(School of Economics,Capital University of Economics and Business,Beijing 100070,China)

机构地区：[1]首都经济贸易大学经济学院,北京100070

出　　处：《财经论丛》2020年第4期63-72,共10页Collected Essays on Finance and Economics

基　　金：国家自然科学基金青年项目(71401112);首都经济贸易大学科技创新项目资助(18CUEB015)。

摘　　要：经济脱实向虚引起了业界和学界广泛的重视,利用2008~2017年沪深A股上市公司数据,研究了企业金融化对资本结构动态调整的影响,并利用中介效应因果检验程序对其进行了机制分析。研究发现:企业金融化会显著降低企业资本结构调整速度;进一步地,通过中介效应检验发现,一方面,企业金融化会降低主业业绩发展从而影响债权人和投资人借款和投资意愿进而降低资本结构调整速度;另一方面,金融化也会隐蔽企业坏消息从而影响企业信息透明度进而阻碍资本结构调整。最后从企业产权性质以及融资约束等角度进行了异质性分析。本文的研究为金融化影响实体企业融资提供了微观层面的经验证据,并且对相关部门引导资金进行实体投资具有一定的参考意见。The trend of ecocomic transition from substantial to virtual has attracted a lot of attention from the industry and academic circles.Based on the data of China Stock Exchange CSI A-share listed companies from 2008 to 2017,this paper studies the impact of firms’financialization on the dynamic adjustment of the capital structure,and uses the mediating effect to analyze its mechanism.The study finds that firms’financialization will significantly reduce the speed of the corporate capital structure adjustment;Further study through the mediating effect test reveals that,firms’financialization will reduce the development of the main business and thus affect the creditors’and investors’willingness to invest,which,as a result,will slow down the speed of the capital structure adjustment.Besides,financialization will also conceal corporate bad news and thus affect the transparency of corporate information and hinder the adjustment of the capital structure.Finally,the heterogeneity analysis is carried out from the perspective of the nature of corporate property rights and financing constraints.The research provides micro-level empirical evidence for how financialization affects the financing of entities,and has certain references for the relevant departments to guide funds for entity investment.

关 键 词：企业金融化 资本结构 调整速度 中介效应 

分 类 号：F273.1[经济管理—企业管理]