财务报告问询函压力与企业金融化  

Financial Report Comment Letters and Firms’ Financialization

作　　者：林慧婷[1] 何玉润[2] 刘金雅 Lin Huiting

机构地区：[1]首都经济贸易大学会计学院,100070 [2]北京工商大学商学院,100048

出　　处：《会计研究》2021年第9期65-76,共12页Accounting Research

基　　金：国家自然科学基金青年项目(71702117,71802142);教育部人文社科基金项目(17YJC630156);北京市长城学者培养计划(CIT&TCD20190312)的支持。

摘　　要：企业遭遇非处罚性监管后,在金融资产配置上会作何调整以适应压力情境下自身的投融资需要呢?本文基于交易所发放财务报告问询函的实证研究发现:财务报告问询函会提升上市公司金融资产配置水平,并且短期金融资产增长更快。进一步,问询函中即使涉及金融资产问题,企业金融化水平仍会提高;压力情境下,企业金融化内在的真实动机在于发挥“蓄水池”作用,融资约束发挥了部分中介机制。最后,遭遇问询的实体企业通过“盲目”的金融化并没有改善整体业绩,却损害了未来主营业绩。本文从企业金融化视角对非处罚性监管的经济后果研究形成有益补充,同时对强化证券交易所一线监管职能,关注重点企业“脱虚向实”问题提供了新思路。After suffering from non-punitive regulations, how will the firms adapt to their needs of investment and financing activities by adjusting corporate financial decisions?This paper studies how the firms adjust financialization under the pressure of financial report comment letters of Stock Exchange.The result shows that the firms’ level of financial asset allocation increases and the growth rate of their short-term financial assets rises faster than that of their long-term financial assets after they receiving comment letters.Furthermore, even if the content of financial report comment letters refers to the problems of financial assets, the level of firms’ financialization could be improved further.And then, the intrinsic motivation of financialization is to play an important role as the"reservoir"under the stressful situation, meanwhile, financing constraints is an important mediating mechanism for the influence of non-punitive regulation on firms’ financialization.Finally, blind financialization of entity enterprises who suffered from non-punitive regulation does not improve the overall performance, but damage the daily operation and future core performance.This paper supplements the economic consequences of non-punitive regulation from the perspective of firms’ financialization.Meanwhile, it provides new ideas for strengthening the Stock Exchange’s front-line supervision functions and focusing on the problem of guiding funds to real economy of key firms.

关 键 词：财务报告问询函 金融化 融资约束 未来主营业绩 

分 类 号：F275[经济管理—企业管理] F832.51[经济管理—国民经济]