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论文编号：	14834
作者编号：	2120223645
上传时间：	2024/6/20 14:09:03
中文题目：	债务集中度对企业金融化的影响研究
英文题目：	Research on the Impact of Debt Concentration on Corporate Financialization
指导老师：	李姝
中文关键字：	债务集中度；企业金融化；融资约束；信息不对称；代理成本
英文关键字：	debt concentration; financialization of enterprises; financing constraints; Information asymmetry; agency cost
中文摘要：	随着中国经济步入“新常态”时期，金融与房地产行业犹如两匹疾驰的骏马，呈现出强劲且持续的扩张势头。然而，与之形成鲜明对比的是，实体经济部门正面临着产能过剩、市场经济疲软等多重困境。国内外经济形势复杂多变，国际贸易摩擦频发，消费者信心不足，企业订单减少。这种现实状况使得部分企业，尤其是那些面临资金压力、亟需改善财务状况的企业，开始倾向于将资金从实体领域撤出，转向金融投资，以期获取更高的投资收益，这种现象被形象地称为“脱实向虚”。“脱实向虚”的趋势对于国家整体经济结构优化和高质量发展目标的实现构成了挑战，企业过度追求短期金融收益，忽视实体投资，可能导致产业空心化，削弱国家经济的长期竞争力。 因此，面对“脱实向虚”的现象，针对债务集中度这一代表融资结构的关键变量，本研究在阐明企业金融化内在动机的基础上，综合运用委托代理理论、信息不对称理论以及投资替代原理，选取了2012年至2022年中国A股非金融上市企业的财务数据作为实证分析样本，通过构建回归模型进行了实证检验。结果显示，债务集中度与企业金融化之间存在显著正相关关系。进一步地，本研究探究了信息不对称、代理成本和融资约束在债务集中度影响企业金融化过程中的中介效应。此外，本文还进行了异质性分析，结果显示：在非国有企业、小型企业、技术密集型企业、非资产密集型企业、更低的股权集中度和更加不激烈的市场竞争环境中，债务集中度对企业金融化的加剧作用更强。最后，基于非金融企业债务集中度与企业金融化相互作用的理论剖析及实证证据，本研究针对性地提出了旨在促进企业长期稳定与可持续发展的政策建议。
英文摘要：	As the Chinese economy enters a new normal period, the finance and real estate industries are like two galloping horses, showing strong and sustained expansion momentum. However, in sharp contrast, the real economy sector is facing multiple difficulties such as overcapacity and a weak market economy. The domestic and international economic situation is complex and ever-changing, with frequent international trade frictions, insufficient consumer confidence, and a decrease in enterprise orders. This reality has led some companies, especially those facing financial pressure and in urgent need of improving their financial situation, to tend to withdraw their funds from the physical sector and turn to financial investment in order to obtain higher investment returns. This phenomenon is vividly referred to as "shifting from reality to illusion". The trend of "shifting from reality to virtuality" poses a challenge to the optimization of the overall economic structure of the country and the achievement of high-quality development goals. Enterprises excessively pursue short-term financial returns and neglect physical investment, which may lead to industry hollowing out and weaken the long-term competitiveness of the national economy. Therefore, in the face of the phenomenon of "shifting from reality to virtuality", this study focuses on the key variable of debt concentration, which represents the financing structure. Based on elucidating the intrinsic motivation of corporate financialization, this study comprehensively applies the principal-agent theory, information asymmetry theory, and investment substitution principle, and selects financial data of non-financial listed A-share companies in China from 2012 to 2022 as empirical analysis samples. Through constructing a regression model, empirical testing is conducted. The results show a significant positive correlation between debt concentration and corporate financialization. Furthermore, this study explores the mediating effects of information asymmetry, agency costs, and financing constraints on the impact of debt concentration on corporate financialization. In addition, this article also conducted heterogeneity analysis, and the results showed that in non-state-owned enterprises, small enterprises, technology intensive enterprises, non asset intensive enterprises, lower equity concentration, and less intense market competition environment, debt concentration has a stronger exacerbating effect on corporate financialization. Finally, based on the theoretical analysis and empirical evidence of the interaction between non-financial corporate debt concentration and corporate financialization, this study proposes targeted policy recommendations aimed at promoting long-term stability and sustainable development of enterprises.
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