金融周期、企业金融化与投资风险——基于中国A股上市企业的面板数据  

Financial Cycle,Enterprise Financialization and Investment Risk:Panel Data Based on Chinese A-share Listed Enterprises

作　　者：王楚皓 邢天才[1,2] Wang Chuhao;Xing Tiancai

机构地区：[1]东北财经大学金融学院 [2]东北财经大学青岛金融研究院

出　　处：《宏观经济研究》2023年第12期12-25,共14页Macroeconomics

基　　金：国家自然科学基金(71273042);教育部人文社科重点研究基地重大项目(13JJD790003);辽宁省社会科学规划基金重大委托项目(L21ZD024)的资助。

摘　　要：金融周期中金融变量的波动会对市场主体的行为产生重大影响,而目前中国实体企业的金融化作为备受各界关注的现象,是否也会受金融周期波动的作用?本文基于2011年至2020年A股上市企业面板数据,考察了金融周期与企业金融化水平和企业金融投资风险的关系,并得到了如下结论:企业的金融投资活动与基于广义信贷的金融周期具有同方向性,而企业利用金融周期扩张贮存流动性是企业金融化的重要动因;金融投资风险占企业总风险的比重也会随着金融周期的扩张而上升,而金融周期扩张对企业金融化的加速效应是其重要原因,即金融扩张带来的市场风险也会传导至企业,企业金融投资活动是这种金融风险的重要传导媒介。The fluctuation of financial variables in the financial cycle will have a significant impact on the behavior of market subjects,while the finan⁃cialization of real enterprises in China,as a phe⁃nomenon that has attracted much attention from all walks of life,will it also be subject to the role of the fluctuation of the financial cycle?Based on the panel data of A-share listed enterprises from 2011 to 2020,this article examines the impact of financial cycle on the level of enterprise financialization and the proportion of financial investment risk of enter⁃prises,and obtains the following conclusions:the financial investment activities of enterprises and the financial cycle based on the broad credit have the same direction,and the enterprises use the financial cycle to expand the liquidity of the storage,which is an important motive for the enterprises to enter into the financialization;the proportion of the risk of the financial investment to the total risk of enter⁃prises will also increase with the financial cycle,and the accelerating effect of the expansion of the financial cycle on the financialization of enterprises is an important reason for this,i.e.,the market risk brought about by the expansion of the financial cycle is also transmitted to the enterprises,and the financial investment activities of the enterprises are an important medium of transmission for this finan⁃cial risk.

关 键 词：企业金融化 金融投资 风险 

分 类 号：F832.51[经济管理—金融学] F275