经济政策不确定性背景下实体企业金融资产配置动机研究——金融资产异质性视角  

Research on the Motivation of Financial Asset Allocation of Real Enterprises Under the Background of Economic Policy Uncertainty——The Perspective of Financial Assets Heterogeneity

作　　者：邓江花[1] 郭永芹 Deng Jianghua;Guo Yongqin(School of Finance,Zhongnan University of Economics and Law,Wuhan 430073,China;Economics School,Zhongnan University of Economics and Law,Wuhan 430073,China)

机构地区：[1]中南财经政法大学金融学院,武汉430073 [2]中南财经政法大学经济学院,武汉430073

出　　处：《工业技术经济》2021年第6期43-51,共9页Journal of Industrial Technological Economics

基　　金：国家社会科学基金一般项目“发挥投资对优化供给结构的关键性作用研究”(项目编号:15BJY172)。

摘　　要：本文从企业金融资产异质性视角研究了实体企业金融资产配置的动机以及现有经济政策不确定性对该动机的影响。研究发现,宏观经济周期负向影响短期性金融资产配置,正向影响长期性金融资产配置;行业利润差负向影响短期性金融资产配置,正向影响长期性金融资产配置;企业融资约束负向影响短期性金融资产配置,与长期性金融资产配置无显著性关系。从宏观、行业及企业层面证实了短期性金融资产配置的储蓄性动机及长期性金融资产配置的套利性动机。进一步研究发现,经济政策不确定性会减弱短期性金融资产配置的储蓄性动机,对长期性金融资产配置的套利性动机影响不显著。本文为考察经济政策不确定性与企业金融资产配置的关系提供了新的视角。This paper studies the motivation of the financial asset allocation of real enterprises from the perspective of corpo⁃rate financial assets heterogeneity,and the influence of the economic policy uncertainty on this motivation.The results show that the macroeconomic cycle negatively affects short-term financial assets and positively affects long-term financial assets.Industry profit gap negatively affects short-term financial assets,and positively affects long-term financial assets.Corporate financial constraints negatively affects short-term financial assets and have no significant relationship with long-term financial assets.This paper proves the saving motivation of short-term financial assets and the arbitrage motivation of long-term financial assets from the macro,indus⁃try and enterprise levels.For further research,this paper finds that economic policy uncertainty weakens the saving motivation of short-term financial asset,and has no significant relationship on the arbitrage motivation of long-term financial assets.This paper provides a new perspective on the relationship between economic policy uncertainty and corporate financial asset allocation.

关 键 词：经济政策不确定性 金融资产配置动机 金融资产异质性 经济周期 行业利润差 融资约束 

分 类 号：F275.1[经济管理—企业管理] F120.4[经济管理—国民经济]