实体企业金融化对债务融资的影响研究  

A Study on the Impact of Entity Enterprises’Financialization on Debt Financing

作　　者：冯展斌 李国民[1] FENG Zhanbin;LI Guomin(School of Economics and Management,Shanghai Maritime University,Shanghai 201306,China)

机构地区：[1]上海海事大学经济管理学院,上海201306

出　　处：《经济经纬》2024年第2期138-149,共12页Economic Survey

基　　金：教育部人文社会科学基金青年项目(18YJC63005)。

摘　　要：利用2007—2020年中国A股上市公司财务数据,检验了实体企业金融化对债务融资的影响。研究发现:实体企业金融化对债务融资具有挤出效应,即金融化水平越高,企业总借款率与总负债率越低,这一结论在进行工具变量法内生性检验与替换衡量指标等稳健性检验后依然成立。异质性检验发现,实体企业金融化对债务融资的负面影响在货币紧缩期样本、国有企业样本、低市场化水平样本以及高行业竞争样本中更显著。机制分析表明,实体企业金融化通过加剧企业经营风险和增加盈余管理,提高了债权人的资金风险和信息风险,从而降低企业债务融资规模。研究结论对于加强实体企业金融化的监管以及通过抑制金融化优化企业融资决策具有参考价值。Based on the financial data of Chinese A-share listed companies from 2007 to 2020,this paper examines the impact of financialization of real enterprises on debt financing.The results show that the financialization of entity enterprises has a“crowding-out effect”on debt financing,that is,the higher the level of financialization,the lower the total borrowing rate and total debt ratio.This conclusion is still valid after the robustness test such as endogenesis test of instrumental variable method and replacement measurement index.Heterogeneity test indicates that the negative impact of financialization of real enterprises on debt financing is more significant in the samples of currency contraction,state-owned enterprises,low market level and high industry competition.Mechanism analysis shows that the financialization of entity enterprises increases the capital risk and information risk of creditors by aggravating business risks and increasing earnings management,thus reducing the scale of corporate debt financing.The study has reference value for strengthening the supervision of the financialization of entity enterprises and optimizing corporate financing decisions by restraining financialization.

关 键 词：企业金融化 债务融资规模 经营风险 盈余管理 

分 类 号：F832[经济管理—金融学]