控制权转移与企业金融化——来自A股民营企业的证据  

Transfer of Control Right and Corporate Financialization:Evidence from A-share Private Enterprises

作　　者：程婧 陶益清[1] 臧日宏[1] CHENG Jing;TAO Yi-qing;ZANG Ri-hong(School of Economics and Management,China Agricultural University,Beijing 100083,China)

机构地区：[1]中国农业大学经济管理学院,北京100083

出　　处：《经济问题》2024年第6期58-67,共10页On Economic Problems

基　　金：农业农村部软科学研究项目“开展农村承包地撂荒问题摸底调查”(62119093);农业农村部软科学研究项目“农村改革试点试验政策咨询”(69121016);农业农村部软科学研究项目“外资利用对我国农业产业安全影响系统研究”(21177052)。

摘　　要：利用2013—2021年我国A股民营企业的数据,实证检验了控制权转移对企业金融化的影响。研究发现:民营企业控制权转移到其他民营企业,可显著降低金融资产占比、提高货币资金占比,即对企业投机动机产生抑制作用、对“蓄水池”动机产生促进作用;东部地区、实际控制权大的民营企业,控制权转移对企业金融化的影响更加明显;两职合一民营企业的控制权转移对金融资产占比的抑制作用更加明显,两职分离民营企业的控制权转移对货币资金占比的促进作用更加明显;民营企业间的控制权转移可通过缓解委托代理问题、提高实体投资效率、整合产业链供应链渠道对企业金融化发挥作用;控制权转移对企业金融化的作用仅在短期有效,在长期作用并不明显。Based on the data of China’s A-share private enterprises from 2013 to 2021,this paper empirically tests the impact of control right transfer on corporate financialization.The results show that the transfer of the control right of private enterprises to other private enterprises can significantly reduce the proportion of financial assets and increase the proportion of monetary funds,that is,inhibit the speculative motivation of enterprises and promote the“reservoir”motivation of enterprises.In the eastern region and private enterprises with large actual control right,the influence of the transfer of control right on corporate financialization is more obvious;for the private enterprises with the integration of two positions,the inhibition effect of the transfer of control right on the proportion of financial assets is more obvious,for the private enterprises with the separation of two positions,the promotion effect of the transfer of control right on the proportion of monetary funds is more obvious.The transfer of control right among private enterprises can play a role in corporate financialization through channels:alleviating principal-agent problems,improving the efficiency of entity investment and integrating industry chain and supply chain.The effect of control right transfer on corporate financialization is only effective in the short term,but not obvious in the long term.

关 键 词：控制权转移 企业金融化 民营企业 

分 类 号：F832.5[经济管理—金融学]