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论文编号：	12508
作者编号：	2120192825
上传时间：	2021/6/14 21:11:29
中文题目：	企业金融化对投资效率的影响研究
英文题目：	Study on the Impact of Corporate Financialization on Investment Efficiency
指导老师：	李姝
中文关键字：	企业金融化；投资效率；产权性质；市场竞争；稳定型机构投资者
英文关键字：	Financialization; Investment Efficiency; Ownership; Market Competition; Stable Institutional Investor
中文摘要：	金融市场在我国经济增长中起到不可或缺的作用。金融行业本身蓬勃发展的同时，众多非金融企业也开始将自有资金投入到金融市场中去，企业金融化的趋势逐渐显现。然而与金融资产投资的兴起相比，我国实体资产投资却增速放缓，中国经济出现的“脱实向虚”问题引起社会各界广泛关注。如何正确利用企业金融化，促进我国实体经济发展成为亟待解决的问题。那么企业金融化究竟对投资效率有何影响？两者之间的关系又会受到哪些因素的影响？本文对这些问题进行了研究。本文以委托代理理论和信息不对称理论为基础，采用Richardson模型来计算企业的投资效率，以金融资产占总资产的比例来衡量金融化程度，利用我国沪深两市A股上市公司2008-2019年的数据实证验证企业金融化对投资效率的影响。研究结果表明：企业金融化具有“挤出”效应，会对投资效率产生影响。具体表现为，金融化程度的上升会加剧企业投资不足，也会抑制投资过度。与非国有企业相比，国有企业中企业金融化对投资不足的加剧作用更显著。当行业市场竞争较为激烈时，企业金融化对投资不足的加剧作用被抑制。稳定型机构投资者持股能够增强企业金融化对投资过度的抑制作用。本文通过对企业金融化与投资效率关系的实证分析，丰富了企业金融化经济后果的相关研究。此外，本文还探讨了产权性质、市场竞争和机构投资者异质性对企业金融化与投资效率之间关系的影响，为投资效率的研究提供了新的实证证据。本文的研究结论对于企业客观对待金融化，防治金融化负面影响，对于政府加强资本市场监管，巩固我国实体经济发展，将实体经济做实做强做优都有一定的参考意义。
英文摘要：	The financial market plays a very important role in Chinese economic growth. While the financial industry itself is booming, many non-financial companies have also begun to invest their funds in the financial market. Trend of corporate financialization has gradually emerged. However, compared with the rise of financial asset investment, the growth rate of Chinese real asset investment has slowed down. The problem of "transforming from substantial to fictitious" in the Chinese economy has aroused widespread concern from all walks of life. How to correctly use the financialization of enterprises to promote the development of Chinese real economy has become an urgent problem to be solved. What is the impact of corporate financialization on investment efficiency? What factors will affect the relationship between the two? This article studies these issues. Based on the principal-agent theory and information asymmetry theory, this thesis uses the Richardson model to calculate the investment efficiency, and measures the degree of financialization by the proportion of financial assets to total assets. This thesis uses the data from 2008-2019 of Shanghai and Shenzhen A-share listed companies to test the impact of corporate financialization on investment efficiency. The research results show that: the financialization of enterprises has an impact on the investment efficiency of enterprises and mainly exerts the "crowding out" effect. The increase in the degree of corporate financialization will exacerbate corporate underinvestment, but it will also inhibit overinvestment. Compared with non-state-owned enterprises, the financialization of state-owned enterprises has a more significant effect on underinvestment. When market competition is fierce, the aggravating effect of corporate financialization on underinvestment is suppressed. Stable institutional investor holdings can enhance the restraining effect of corporate financialization on overinvestment. Through the empirical analysis of the relationship between corporate financialization and investment efficiency, this thesis enriches the research on the economic consequences of corporate financialization. It also explores the impact of property rights, market competition and institutional investor heterogeneity on the relationship between corporate financialization and investment efficiency, providing new empirical evidence for the research on corporate investment efficiency. The research conclusions of this article can help companies deal with financialization objectively, prevent the negative effects of financialization. The thesis will also help the government to strengthen capital market supervision, consolidate the development of my country's real economy, and make the real economy stronger and better.
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