制造业企业扩大金融活动能否推动企业价值增长?——基于上市制造业企业面板数据门限回归分析  

Can expanding financial activities of manufacturing firms drive firm value growth?Threshold regression analysis based on panel data of listed manufacturing firms

作　　者：喻平[1] 谭喻萦 YU Ping;TAN Yuying(School of Economics,Wuhan University of Technology,Wuhan 430070,China)

机构地区：[1]武汉理工大学经济学院,湖北武汉430070

出　　处：《产业经济研究》2024年第4期72-84,99,共14页Industrial Economics Research

基　　金：国家社会科学基金一般项目(21BJY253)。

摘　　要：利用随机最优控制理论模型,将制造业企业资产配置决策引入企业价值产生及波动机制,剖析了资本积累中产业资本与金融投资的动态配置决策及其与企业价值的非线性关系,并基于2003-2020年上市制造业企业面板数据进行了检验。理论分析论证了在资本配置中制造业企业的金融投资规模与其价值增长整体呈现的非线性关系。实证结果显示,资本积累初始分配时适度增加金融投资对企业价值增长具有正效应,且强度呈现由弱到强的变化趋势。采用动态指标刻画企业扩大金融活动的行为并进一步检验,结果表明:企业价值与动态金融资产配置存在双门限效应,企业扩大金融活动存在适度区间,其动态调整与期初资本配置及产业投资与金融投资的相关性有关。在缓慢增长阶段金融投资增长率较低时企业扩大金融投资可促进企业价值增长,在再分配时可反哺产业资本;当金融投资增长率超过拐点时,企业扩大金融活动将对企业价值产生负效应;而当金融投资增长率超过第二个门限值时,金融投资将对企业价值增长再次产生促进效应。This paper uses the stochastic optimal control theoretical model to introduce the asset allocation decisions of manufacturing enterprises into their value generation and fluctuation mechanism.The study analyzes the non-linear relationship between enterprise value and the dynamic allocation decision of industrial capital and financial investment in capital accumulation using data for listed manufacturing enterprises from 2003 to 2020.The theoretical analysis demonstrates the overall non-linear relationship between the scale of manufacturing firms'financial investment and their value growth in capital allocation.The empirical results show that a moderate increase in financial investment during the initial allocation of capital accumulation has a positive effect on the growth in enterprise value,and the intensity shows a changing trend from weak to strong.Using dynamic indicators to measure the behavior of expanding financial activities of enterprises and further testing shows that there is a double threshold effect between enterprise value and dynamic financial asset allocation.There is a moderate interval for expanding financial activities of enterprises,and its dynamic adjustment is related to the initial capital allocation and the correlation between industrial investment and financial investment.When the growth rate of financial investment is low in the slow growth stage,the expansion of financial investment can promote the growth of enterprise value,and can feed the industrial capital in redistribution;when the growth rate of financial investment exceeds the inflection point,the expansion of financial activities will have a negative effect on enterprise value;and when the growth rate of financial investment exceeds the second threshold,financial investment will have a promotional effect on the growth of enterprise value again.

关 键 词：金融投资 企业价值 投资组合 非金融企业金融化 脱实向虚 门限回归 

分 类 号：F062.9[经济管理—政治经济学]