股票流动性与企业金融资产投资  

Stock Liquidity and Corporate Financial Assets Investment

作　　者：徐寿福[1] 叶永卫 陈晶萍[1] XU ShouFu;YE YongWei;CHEN JingPing(Shanghai University of International Business and Economics,Shanghai 201620;Shanghai University of Finance and Economics,Shanghai 200433)

机构地区：[1]上海对外经贸大学金融管理学院,上海201620 [2]上海财经大学公共经济与管理学院,上海200433

出　　处：《财贸研究》2022年第8期79-95,共17页Finance and Trade Research

基　　金：上海市哲学社会科学规划一般课题“股票流动性对实体企业金融化的影响及治理研究”(2019BGL024)。

摘　　要：扭转“脱实向虚”格局的重要前提是厘清企业投资金融资产的形成逻辑。区别于宏观经济环境和企业内部特征的传统研究视角,立足于股票流动性这一独特视角,利用2007—2019年中国非金融上市公司年度数据,系统考察资本市场压力对企业金融资产投资的影响。研究发现,股票流动性显著促进了企业金融资产投资,而且该效应在金融资产投资相对收益率较高的企业和非国有企业中更为凸显。作用机制检验结果表明,股票流动性通过提升经理人薪酬业绩敏感性和降低长期投资者的持股比例,强化了经理人对短期业绩或股价的关注,继而推动了非金融上市公司的金融资产投资。Clarifying the formation logic of firm’s financial assets investment is critical to reverse the“from real to virtual”pattern.Different from the traditional perspectives of macroeconomic environment and corporate internal characteristics,this paper employs the data of China’s non-financial listed companies over 2007-2019 to investigate how capital market pressure affects corporate financial assets investment.The results show that stock liquidity has a significant and positive effect on corporate financial assets investment,and this effect is more profound for non-state-owned enterprises and those with higher return on financial assets investment.Mechanism tests reveal that stock liquidity strengthens CEO’s attention to short-term performance or stock price by increasing managers’compensation-stock price sensitivity and reducing the shareholding ratio of long-term investors,and then promotes the financial asset investment of non-financial listed companies.

关 键 词：股票流动性 金融资产投资 管理层短视 

分 类 号：F830[经济管理—金融学]