东北地区公司金融化程度对经营绩效的影响研究  

Research on Influence of Corporate Financialization on Business Performance in Northeast China

作　　者：黄晓红[1] 闫明 HUANG Xiaohong;YAN Ming(College of Management,Changchun University,Changchun 130022,China)

机构地区：[1]长春大学管理学院,长春130022

出　　处：《长春大学学报》2021年第7期28-34,共7页Journal of Changchun University

基　　金：吉林省教育厅项目(JJKH20200596SK)。

摘　　要：东北地区公司一直处于结构调整和转型升级中,资源配置还不能很好地适应复杂多变的外部环境。为缓解实业投资的压力,公司选择将更多资源配置于金融资产。东北地区公司金融化程度以及金融资产的配置是否会对公司经营绩效产生影响是值得探究的问题。以2008—2019年东北地区公司财务数据为研究对象,运用面板门限模型进行实证分析。结果表明,金融化程度与经营绩效之间呈现U型关系。Companies in northeast China have always been in structure adjustment and transformation and upgrading,and their resource allocation has not been able to adapt well to the complex and changeable external environment.In order to relieve the pressure of industrial investment,the companies choose to allocate more resources to financial assets.It is worth exploring whether the degree of corporate financialization and the allocation of financial assets will have an impact on business performance in northeast China.Taking the financial data of companies in northeast China from 2008 to 2019 as the research object,the empirical analysis is carried out by using the panel threshold model.The results show that there is a U-shaped relationship between financialization degree and business performance.

关 键 词：资产金融化 经营绩效 面板门槛模型 

分 类 号：F275.3[经济管理—企业管理]