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论文编号：	12497
作者编号：	2120192856
上传时间：	2021/6/13 21:58:41
中文题目：	机构投资者对非金融行业上市企业金融化的影响分析 ——基于融资约束的中介效应检验
英文题目：	The Impact of Institutional Investors on the Financialization of Listed Companies in Non-financial Industries ——Mediating Effect Test Based on the Financing Constraints
指导老师：	齐岳
中文关键字：	企业金融化；机构投资者；融资约束；异质性影响
英文关键字：	Enterprise financialization; Institutional investors; Financing constraints; Heterogeneous influence ?
中文摘要：	金融与实体经济紧密相连，实体经济的壮大需要金融的辅助，金融的成长亦需要实体经济作为保障。近几年，我国宏观经济整体增速放缓，市场需求日益饱和，实体经济领域面临较为严重的产能过剩、资源耗费问题。在实体经济增长乏力的当下，金融行业却能够实现较高的增长，创造更大的利润空间，获得更多的投资收益，这得益于金融市场的蓬勃发展与改革深化。正是由于实体经济与金融行业在投资回报、发展前景等诸多方面存在的差异性，为寻求新的利润增长，实体企业普遍地加大金融资产投资力度，越发依赖金融投资所带来的超额回报，逐渐偏离核心业务的经营，出现“金融化”趋势，致使“产业空心化”现状的存在。 十九大报告指出“把发展经济的着力点放在实体经济上”，“增强金融服务实体经济能力”，这是我国现阶段平衡实体经济与金融二者关系的重要指导方向。实体企业通过金融化以实现短期获利的行为与此相悖。实体经济领域中，企业金融化程度的不断加深无疑会影响其主营业务竞争力的提升，妨碍经济结构优化和产业转型升级的进程。加之，大量资本涌入金融领域，造成潜在风险的累积，更易引发系统性风险，不利于国民经济平稳运行和健康可持续发展。 机构投资者是我国金融市场重要的参与者之一，其资金体量大，更易在其持股企业中产生影响。基于此，本文从非金融行业上市企业股权视角出发，聚焦机构投资者，探讨机构投资者持股对企业金融化程度影响，并致力于寻找其间的作用机制。通过对2010至2019年间17个行业14807家企业样本的实证分析，本文得出以下结论：一是，机构投资者总体持股促进非金融行业上市企业的金融化；为探究机构投资者的异质性是否会对金融化产生不同影响，本文将机构投资者划分为压力敏感型和压力抵制型，实证分析表明压力抵制型主体能够在一定程度上抑制企业的金融化程度。二是，基于机构投资者总体持股对非金融行业上市企业金融化水平的促进效果，验证了融资约束的部分中介作用，说明了机构投资者持股能够通过缓解企业融资约束的方式来提升企业的金融化水平。三是，机构投资者持股对企业金融化的影响会因为企业特征不同而存在异质性。具体而言，机构投资者持股对于国有企业金融化水平影响不显著，仅体现正向关系，而对于非国有企业金融化水平则显著正向；对于所经营业务发展能力较为强劲的企业金融化水平影响不显著，仅体现正向关系，而对于发展能力较差的企业金融化水平则呈现显著正向的影响。最后，基于实证部分的研究结论，本文从多主体的角度提出了可行性建议。 本文的实证结论在理论层面上丰富了从股权结构揭示企业金融化影响因素的研究成果，并在一定程度上充实了机构投资者持股影响企业资产投资配置结构的研究成果。在现实层面，则为引导非金融上市企业回归主业经营提供可行思路，并为监管部门防控金融风险提供可能路径。
英文摘要：	Finance and the real economy are closely linked. The growth of the real economy needs the assistance of finance, and the growth of finance also needs the guarantee of the real economy. In recent years, the overall growth rate of China's macro economy has slowed down, the market demand is increasingly saturated, and the real economy is facing serious problems of excess capacity and resource consumption. At the moment when the real economy is growing weakly, the financial sector can achieve relatively high growth, create larger profit space and obtain more investment income, thanks to the vigorous development of the financial market and the deepening of reform. It is because of the real economy and financial industry in many aspects, such as return on investment, the development prospect of the existence of differences, to seek new profit growth, entity enterprise generally increase investment in financial assets, the excess return brought by the increasingly rely on financial investment, deviating from the core business management gradually, show the tendency of “financialization”, the “industrial hollowing out” the status quo. The report of the 19th National Congress of the Communist Party of China points out that “the focus of economic development is on the real economy” and “enhancing the ability of the financial sector to serve the real economy”, which are the important directions for China to balance the relationship between the real economy and the financial sector at the present stage. The real business through the financialization to achieve short-term profit behavior is contrary to this. In the field of real economy, the deepening degree of financialization of enterprises will undoubtedly affect the improvement of their main business competitiveness and hinder the process of economic structure optimization and industrial transformation and upgrading. In addition, a large amount of capital flows into the financial sector, resulting in the accumulation of potential risks, more likely to trigger systemic risks, and detrimental to the smooth operation and healthy and sustainable development of the national economy. As one of the important participants in China's financial market, institutional investors are more likely to have an impact on their shareholding enterprises because of their large capital volume. Based on this, from the perspective of equity ownership of listed companies in the non-financial industry, this thesis focuses on institutional investors, discusses the impact of institutional investors' shareholding on the degree of financialization of enterprises, and tries to find the mechanism. Based on the empirical analysis of a sample of 14,807 enterprises in 17 industries from 2010 to 2019, this thesis draws the following conclusions: First, the overall shareholding of institutional investors has a significant promoting effect on the financialization degree of listed enterprises in non-financial industries; In order to explore whether the heterogeneity of institutional investors will have different effects on financialization, this thesis divides institutional investors into pressure-sensitive and pressure-resistant institutional investors. The empirical analysis shows that pressure-resistant institutional investors can restrain the financialization degree of enterprises to a certain extent. Secondly, based on the promoting effect of institutional investors' overall shareholding on the financialization level of listed enterprises in the non-financial industry, this thesis analyzes and verifies the partial intermediary role of financing constraints, and shows that institutional investors' shareholding can improve the financialization level of enterprises by alleviating the financing constraints of enterprises. Third, the influence of institutional investors' shareholding on corporate financialization will be heterogeneous due to the different characteristics of enterprises. Specifically, the shareholding of institutional investors has no significant influence on the financialization level of state-owned enterprises, only showing a positive relationship, while it has a significant positive effect on the financialization level of non-state-owned enterprises. For enterprises with strong business development ability, the financialization level has no significant influence and only reflects a positive relationship, while for enterprises with poor development ability, the financialization level has a significant positive influence. Finally, based on the conclusions of the empirical part, this thesis puts forward feasible suggestions from the perspective of multi-agents. The empirical conclusions of this thesis enrich the research results of revealing the influencing factors of enterprise financialization from the ownership structure at the theoretical level, and enrich the research results of the influence of institutional investors' shareholding on enterprise asset investment allocation structure to a certain extent. In reality, it provides feasible ideas for guiding non-financial listed enterprises to return to their main business and a possible path for regulatory authorities to prevent and control financial risks.
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