股市过度投机与企业短贷长投  

Excessive Stock Market Speculation and Corporate Short-term Loans and Long-term Investment

作　　者：黄大禹 谢获宝[2] Huang Dayu;Xie Huobao

机构地区：[1]清华大学经济管理学院,北京100083 [2]武汉大学经济与管理学院,湖北武汉430072

出　　处：《河南社会科学》2022年第6期39-51,共13页Henan Social Sciences

基　　金：国家自然科学基金项目“银行债务契约、财务报告质量与企业投资效率”(71072103);教育部人文社会科学研究规划基金项目“去杠杆影响企业风险承担的经济后果、机制路径及优化策略研究”(19YJA630093);中央高校基本科研业务费专项资金项目“环境不确定性、成本粘性与企业盈余质量研究”(2016VI005);中央高校基本科研业务费专项资金项目“微观去杠杆与企业风险承担研究”(4130000182)。

摘　　要：股市过度投机是资本市场中的投资行为扭曲,会对企业的投融资行为产生显著影响。基于中国沪深两市A股上市企业2010—2020年数据,实证检验股市过度投机对企业短贷长投行为的影响。实证研究发现,股市过度投机会显著提升企业的短贷长投水平。异质性检验发现,股市过度投机对于非国有企业、高科技企业以及成长期、衰退期企业的短贷长投行为有明显促进作用。机制检验发现,股市过度投机会显著提升非效率投资水平并降低企业主营业务利润占比,并导致融资约束加剧,提升金融化水平,这些都会导致企业短贷长投水平的增加。最后,有效的市场化环境和金融监管是校正股市过度投机扭曲企业投融资行为的重要渠道。本文从校正股市投机行为提出了相应的政策建议,以服务实体经济高质量发展。Excessive speculation in the stock market is a distortion of investment behavior in the capital market,which has a significant impact on the investment and financing behavior of enterprises.Based on the 2010--2020 data of A-share listed companies in China’s Shanghai and Shenzhen stock exchanges,this paper empirically tests the impact of excessive stock market speculation on corporate short-term lending and long-term investment behavior.Empirical research has found that excessive stock market speculation will significantly improve the level of short-term loans and long-term investment of enterprises.The heterogeneity test found that excessive speculation in the stock market has a significant effect on the short-term lending and long-term investment behavior of non-state--owned enterprises,high-tech enterprises,and enterprises in the growth and recession periods.The mechanism test found that excessive stock market speculation will significantly increase the level of non-efficient investment and reduce the proportion of corporate profits in the main business,and lead to increased financing constraints and improve the level of financialization,which will lead to an increase in the level of short-term loans and long-term investment.Finally,an effective market-oriented environment and financial supervision are important channels for correcting excessive stock market speculation and distorting corporate investment and financing behavior.This paper puts forward corresponding policy suggestions from correcting stock market speculation to serve the high-quality development of the real economy.

关 键 词：股市投机 短贷长投 企业投融资 

分 类 号：F2[经济管理—国民经济]