企业金融化的阴暗面——来自上市公司信息披露违规的证据  

Dark Side of Corporate Financialization: Evidence from Information Disclosure Violations Among Listed Companies

作　　者：朱杰 Zhu Jie(School of Accounting,Zhongnan University of Economics and Law,Hubei,Wuhan 430073,China)

机构地区：[1]中南财经政法大学会计学院,湖北武汉430073

出　　处：《金融经济学研究》2020年第1期146-160,共15页Financial Economics Research

基　　金：国家自然科学基金项目(71602191)。

摘　　要：以2007~2017年间中国A股非金融保险类上市公司为样本,从上市公司信息披露违规的视角研究企业金融化行为可能引发的负面效应,研究发现,随着上市公司金融化程度的提高,公司信息披露违规发生的可能性以及信息披露违规次数也会随之增加,表明金融化企业具有较高的市场套利与财务舞弊动机。机制检验发现,企业金融化加剧了公司业绩波动性,挤出了公司实物资本投资,并在一定程度上诱发了大股东与管理层对公司财务资源的"掏空"动机,进而增强了公司信息披露违规倾向。进一步研究发现,当公司融资约束较低、盈余质量较低以及审计质量较低时,企业金融化与上市公司信息披露违规行为之间的正相关关系更加显著,一方面验证了非金融企业持有金融资产的资本逐利动机,另一方面验证了良好的外部监督环境在抑制金融化企业信息披露违规行为方面的积极影响。因此,政府监管部门应当加强金融管制,严格打击金融资产频繁交易、违规套利行为,同时加强对非金融企业金融资产投资的信息监管。Using a sample of non-financial and insurance A-share listed companies in China from 2007 to 2017,this study investigated the possible negative effects of corporate financialization from the perspective of information disclosure violations among listed companies.The results revealed that with the increase in the degree of financialization of listed companies,the possibility of occurrence and number of information disclosure violations would also increase.This indicates that financialized companies had higher motivations for market arbitrage and financial fraud.Mechanism inspection found that corporate financialization aggravated a company’s performance volatility,squeezed its physical capital investments,and to a certain extent induced large shareholders and the management to"empty"a company’s financial resources,thereby increasing a company’s tendency to commit information disclosure violations.Further research found that when a company faced low financing constraints and had low earnings and audit quality,the positive correlation between corporate financialization and information disclosure violations of listed companies became increasingly significant.On the one hand,it has verified the motivation for profit-seeking from capital in financial assets held by non-financial companies.On the other hand,it has verified the positive effects of a good external monitoring environment in inhibiting information disclosure violations among financialized companies.Government regulatory authorities should strengthen financial control,strictly crack down on frequent trading of financial assets and illegal arbitrage,while strengthening regulation of information on investments in financial assets among non-financial companies.

关 键 词：企业金融化 市场套利 信息披露 

分 类 号：F832.5[经济管理—金融学]