金融市场风险、企业金融化与企业固定资产投资效率  

Financial Market Risk,Enterprise Financialization and Investment Efficiency of Fixed Assets

作　　者：陈曦明 黄伟 孙燕[3] CHEN Xi-ming;HUANG Wei;SUN Yan(Postdoctoral Workstation of China Cinda Asset Management Co.,Ltd,Beijing 100000,China;Postdoctoral Station of National Development and Strategic Research Institute of Renmin University of China,Beijing100872, China;School of Economics,Shanghai University of Finance and Economics, Shanghai 200433,China)

机构地区：[1]中国信达资产管理股份有限公司博士后工作站,北京100000 [2]中国人民大学国家发展与战略研究院博士后流动站,北京100872 [3]上海财经大学经济学院,上海200433

出　　处：《商业研究》2021年第3期65-72,共8页Commercial Research

基　　金：国家自然科学基金面上项目,项目编号:71873085;国家自然科学基金重点项目,项目编号:71833004。

摘　　要：企业金融资产配置的动机往往受到金融市场风险的影响,导致其摇摆于“短期金融套利”和“为长期稳健经营提供实际保障的生产性物资”之间。本文引入金融资产的“二阶效应”,以SV模型测算的股市波动率作为金融风险的度量指标,并采用金融化的存量与流量指标,以沪深A股非金融上市企业2007-2018年数据为基础,检验金融风险在企业金融化决策时对自身固定资产投资效率的调节作用。研究发现:金融市场风险的上升抑制了企业储蓄动机的同时刺激了其资产配置的投机性;金融风险削弱了金融资产份额对企业固定资产投资效率的促进作用,并强化了渠道获利对企业投资效率的负向影响。此外,国有股权有助于抵抗金融风险,国企发挥了市场稳定的作用,而充分的市场竞争有利于降低金融市场波动带给企业的负面影响。The motivation of financial assets allocation is often influenced by the risk of financial market,which leads to the swing between“short-term financial arbitrage”and“productive materials providing practical guarantee for long-term and steady operation”.This paper introduces the“second-order effect”of financial assets,takes the stock market volatility measured by SV model as the measurement index of financial risk,and uses the stock and flow indicators of financialization,based on the data of Shanghai and Shenzhen A-share non-financial listed enterprises from 2007 to 2018,to test the regulatory effect of financial risk on the investment efficiency of their own fixed assets in the process of enterprise financialization decision-making.The results show that:the rise of financial market risk not only suppresses enterprises′saving motivation,but also stimulates their speculative asset allocation;financial risk weakens the promotion effect of financial asset share on fixed asset investment efficiency,and strengthens the negative impact of channel profit on investment efficiency.In addition,state-owned equity helps to resist financial risks,state-owned enterprises play a role of market stability,and full market competition helps to reduce the negative impact of financial market fluctuations on enterprises.

关 键 词：金融市场风险 金融渠道获利 金融资产份额 固定资产投资效率 

分 类 号：F831.4[经济管理—金融学]