实体企业金融化、融资约束与投资效率  

Financialization of Real Enterprises,Financing Constraints and Investment Efficiency

作　　者：黄娟[1] 刘韫瑜 HUANG Juan;LIU Yun-yu(School of Accounting, Southwestern University of Finance and Economics, Chengdu 611130, China)

机构地区：[1]西南财经大学会计学院,四川成都611130

出　　处：《财经理论研究》2022年第1期81-91,共11页Journal of Finance and Economics Theory

摘　　要：本文选取2009—2019年沪深A股非金融上市公司为样本,结合融资约束,考察企业金融化对投资效率的影响。研究发现,出于投机动机的企业金融化,主要通过“挤占”效应降低企业投资效率;受到融资约束的企业,资金投向金融资产的可能性更低,能抑制投机动机下企业金融化对投资效率的负面作用。Taking non-financial listed companies in Shanghai and Shenzhen A-shares from 2009 to 2019 as samples,the impact of corporate financialization on investment efficiency in combination with financing constraints is investigated.It is found that the financialization of enterprises motivated by speculation reduces the investment efficiency of enterprises mainly through the crowding-out effect.Enterprises subject to financing constraints are less likely to invest capital in financial assets,which can restrain the negative effect of enterprise financialization on investment efficiency under speculative motivation.

关 键 词：投资效率 企业金融化 融资约束 

分 类 号：F275[经济管理—企业管理]