实体企业主业经营困境对金融化资产配置的影响研究  

The Impact of Operating Difficulties of Main Business on the Firms’Allocation of Financialized Assets

作　　者：罗明津 鲁春义 万超 LUO Mingjin;LU Chunyi;WAN Chao(Shanghai University of International Business and Economics,Shanghai,China;Shanghai Lixin University of Accounting and Finance,Shanghai,China)

机构地区：[1]上海对外经贸大学国际经贸研究所 [2]上海对外经贸大学金融学院,上海市200336 [3]上海立信会计金融学院国际经贸学院

出　　处：《管理学报》2025年第3期546-556,共11页Chinese Journal of Management

基　　金：国家社会科学基金资助项目(22BJY202);上海软科学基金资助项目(23692120900)。

摘　　要：基于企业行为理论,以我国上市实体企业为研究对象,实证检验实体企业主业经营困境对其金融资产配置策略的影响。研究发现,企业主业经营困境对金融化资产配置存在倒U形效应;融资约束在企业主业经营困境与企业金融化之间产生负向调节作用,而政策不确定性则正向调节企业主业经营困境与企业金融化之间的关系。进一步研究发现,企业决策者基于困境参考点的金融化有助于降低企业股价崩盘风险,对企业全要素生产率存在抑制效应,但困境下企业决策者结合战略变革的金融化缓解了金融化对企业全要素生产率的负向影响。Based on corporate behavior theory,this study employs the samples of listed entity firms in China to empirically estimate the impact of operational challenges in the main business on their financial asset allocation strategies.The research discovers an inverted U-shaped effect of main business operational difficulties on the allocation of financialized assets.Financial constraints have a negative moderating effect between the operational difficulties in the main business and corporate financialization,while policy uncertainty positively moderates the relationship between them.Further research reveals that financialization by corporate decision-makers,based on the reference point of operational difficulties,helps to reduce the risk of stock price crashes and has a suppressive effect on the firms’total factor productivity.However,financialization combined with strategic transformation by decision-makers in difficult situations alleviates the negative impact of financialization on the firms’total factor productivity.

关 键 词：实体企业 主业经营困境 金融化 融资约束 经济政策不确定性 

分 类 号：C93[经济管理—管理学]