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论文编号：	12367
作者编号：	2120192838
上传时间：	2021/6/9 16:59:19
中文题目：	经济周期、融资约束与企业资产配置结构——基于中国上市公司的实证研究
英文题目：	Economic Cycle,Financing Constraint and Enterprise Asset Allocation Structure:Based on the Empirical Research of China’s Listed Enterprises
指导老师：	覃家琦
中文关键字：	经济周期；融资约束；企业资产配置结构；中介效应
英文关键字：	Economic Cycle; Financing Constraint; Enterprise Asset Allocation Structure; Mediating Effect
中文摘要：	随着金融和房地产行业收益率日益提高，“经济金融化”日益加剧，造成实体经济和虚拟经济的结构性失衡。越来越多的实体企业偏离主业，将资金投资于虚拟经济。以往研究经济周期与资产配置结构的论文，主要以股权资产和债权资产为研究对象，忽略了金融资产与实体资产的重要意义，本文以此为研究对象，以2007-2017年中国A股主板上市公司作为样本，采用宏微观相结合的思路，探究经济周期对企业资产配置结构的影响，及融资约束在两者之间的中介效应。同时根据所有权性质分样本进一步讨论国企和非国企的差异;将金融资产分为短期金融资产和长期金融资产，进一步探究随着经济周期波动企业持有金融资产的目的。 结合中介效应分析得出：（1）无论是国企还是非国企，融资约束降低会提高实体资产和金融资产投资，融资约束提高会降低实体资产和金融资产投资。但是对于狭义口径金融资产来说，国企和非国企存在明显差异。（2）经济周期会影响企业的融资约束。经济扩张期，企业的融资约束下降；经济收缩期，企业的融资约束提高。与国企相比，非国企的融资约束受经济周期的影响更大。（3）对于非国企而言，实体资产投资和金融资产投资具有顺周期效应。对于国企而言，实体资产投资不受经济周期影响，但金融资产投资具有顺周期效应。与国企相比，非国企的金融资产投资受经济周期的影响更大。（4）对于国企而言，融资约束在经济周期与实体资产投资之间不具有中介效应，融资约束在经济周期与短期金融资产投资之间具有负向的部分中介效应，融资约束在经济周期与长期金融资产投资之间具有负向的完全中介效应。对于非国企而言，融资约束在经济周期与实体资产投资之间具有负向的部分中介效应，融资约束在经济周期与短期金融资产投资之间具有负向的部分中介效应，融资约束在经济周期与长期金融资产投资之间具有负向的完全中介效应。（5）经济扩张期，国企和非国企都会提高短期金融资产投资并减少长期金融资产投资，经济收缩期则相反。 最后根据实证结果从政府、企业、金融部门三个角度提出推动实体经济发展、解决经济“脱实向虚”问题的对策和建议。
英文摘要：	With the increasing profitability of the financial and real estate industries, the "financialization of the economy" is increasingly intensified, resulting in the structural imbalance between the real economy and the virtual economy. More and more real enterprises are diverging from their main business and investing their money in the virtual economy. Past research of economic cycle and asset allocation structure mainly focuses on “equity assets and credit assets” as the research object, ignoring the importance of financial assets and real assets. This paper uses China's main board A-share listed companies from 2007 to 2017 as samples, in the combination of macro and micro thinking, to explore the influence of economic cycle on the enterprise asset allocation structure, and also the mediating effect of financing constraint between the two. At the same time, the sample is divided into two parts according to ownership to further explore differences. Furthermore, the financial assets are divided into short-term financial assets and long-term financial assets to further explore the purpose of holding financial assets with the fluctuation of economic cycle. Combined with the analysis of the mediating effect, the following conclusions can be drawn :(1) For both state-owned enterprises and non-state-owned enterprises, the decrease of financing constraint will increase the investment in real assets and financial assets, while the increase of financing constraint will decrease the investment in real assets and financial assets. However, for the narrow caliber financial assets, there are obvious differences between SOEs and non-SOEs .(2) The economic cycle will affect the financing constraint of enterprises. In the period of economic expansion, the degree of financing constraint of enterprises decreases. In the period of economic contraction, the degree of financing constraint of enterprises improves. Compared with SOEs, the financing constraint of non-SOEs is more influenced by the economic cycle.(3) For non-SOEs, investment in real assets and financial assets has pro-cyclical effect. For SOEs, investment in real assets is not affected by the economic cycle, but investment in financial assets has a pro-cyclical effect. Compared with SOEs, investment in financial assets of non-SOEs is more affected by the economic cycle.(4) For SOEs, financing constraint has no mediating effect between economic cycle and investment in real assets, but has negative partial mediating effect between economic cycle and investment in short-term financial assets, while financing constraint has negative complete mediating effect between economic cycle and investment in long-term financial assets. For non-SOEs, financing constraint has partial negative mediating effect between economic cycle and investment in real assets, but has negative partial mediating effect between the economic cycle and short-term financial assets ,while has a negative complete mediating effect between economic cycle and investment in long-term financial assets.(5) In the period of economic expansion, both SOEs and non-SOEs will increase the investment in short-term financial assets and reduce the investment in long-term financial assets, while in the period of economic contraction, the opposite is true. Finally, according to the analysis results, the author puts forward some countermeasures and suggestions to promote the development of real economy and solve the problem of "moving from real economy to virtual economy" from the perspectives of government, enterprises and financial sectors.
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