共同机构所有权对企业金融化的影响:促进还是抑制  

The Impact of Common Ownership on Corporate Financialization:Facilitator or Disincentive

作　　者：邓明君[1,2,4] 唐皓 罗文兵 DENG Mingjun;TANG Hao;LUO Wenbing(Research Centre for Big Data and Intelligent Decision Making,Hunan University of Science and Technology,Xiangtan 411201,China;Research Centre for Quality Development of Regional Economy,Hunan University of Science and Technology,Xiangtan 411201,China;School of Business,Hunan University of Science and Technology,Xiangtan 411201,China;Hunan Strategic Emerging Industries Research Base,Xiangtan 411201,China)

机构地区：[1]湖南科技大学大数据与智能决策研究中心,湖南湘潭411201 [2]湖南科技大学区域经济高质量发展研究中心,湖南湘潭411201 [3]湖南科技大学商学院,湖南湘潭411201 [4]湖南省战略性新兴产业研究基地,湖南湘潭411201

出　　处：《审计与经济研究》2023年第6期106-116,共11页Journal of Audit & Economics

基　　金：国家社会科学基金一般项目(20BGL201);湖南省社会科学成果评审委员会重大课题(XSP20ZDA003);湖南省教育厅科学研究项目重点项目(19A181)。

摘　　要：基于2003—2021年中国A股上市企业数据,实证检验了共同机构所有权对企业金融化的影响效应及作用机制。研究结果表明,共同机构所有权发挥了合谋同群效应,促进了企业金融化;机制检验发现,共同机构所有权通过加快金融化同步性、加剧代理问题来促进企业金融化,宏观经济政策不确定性和债权人监督削弱了共同机构所有权的合谋同群效应;进一步分析发现,共同机构所有权的合谋同群效应在同行业势力强、非国有企业的样本中更为显著,且在促进企业金融化的同时更倾向于对投机性短期金融资产的配置。研究不仅为共同机构所有权的合谋同群效应提供了新的证据,也为政府引导企业“脱虚向实”提供一定的理论参考。Based on the data of China's A-share listed firms from 2003 to 2021,we empirically examine the effect of common ownership on the financialization of firms and its mechanism of action.The findings suggest that common ownership exerts a collusive cohort effect and promotes the financialization of firms.Mechanism tests find that common ownership promotes corporate financialization by accelerating financialization synchronicity and exacerbating agency problems,and that macroeconomic policy uncertainty and creditor supervision weakens the collusive cohort effect of common ownership.Heterogeneity analyses find that the collusive cohort effect of common ownership is more pronounced in samples with higher same industry power or non-state enterprise,and a greater tendency to allocate speculative short-term financial assets while promoting the financialization of firms.This paper not only provides new evidence for the collusive cohort effect of common ownership,but also provides some theoretical reference for the government to guide the enterprises“from the virtual to the real”.

关 键 词：共同机构所有权 企业金融化 协同治理 合谋同群 脱虚向实 金融资产投资 

分 类 号：F275.5[经济管理—企业管理]