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论文编号：	15463
作者编号：	2120233680
上传时间：	2025/6/12 0:56:21
中文题目：	企业金融化、高管激励与盈余持续性
英文题目：	Corporate Financialization, Executive Incentives and Earnings Persistence
指导老师：	陆宇建
中文关键字：	脱实向虚；企业金融化；盈余持续性；高管激励
英文关键字：	Off real to virtual; Financialization; Earnings persistence; Executive incentives
中文摘要：	近年来，我国实体经济面临着产能过剩、生产要素成本上涨等诸多挑战，陷入发展动力不足和增长疲软的困境。为了谋求更大的经济效益，企业的资本重心逐渐由实体行业转向高收益率的金融行业，资本运作向金融领域偏移，许多实体企业越来越依赖金融投资实现超额收益，“脱实向虚”现象日益凸显。在强调可持续发展的今天，企业如何保持稳定发展、获得持续增长的收益是管理层和投资者重点关注的问题。企业想要在激烈的市场竞争中保持竞争优势，应当根据自身的发展状况进行合理的投资决策。盈余持续性作为高质量盈利的重要特征，不仅是衡量公司未来盈利能力的关键指标，也是评估企业价值增长潜力的重要依据。因此，基于我国经济“脱实向虚”和企业金融化趋势可能带来系统性重大风险的背景，本文旨在研究企业金融化对盈余持续性的影响及作用机制，为防控金融风险和促进企业可持续发展提供理论参考。 本文首先对当前学界关于企业金融化和盈余持续性的研究进行了回顾和简要评述，梳理出企业金融化对盈余持续性的影响方向和理论机制，以2009-2023年剔除金融行业和房地产行业的中国沪深两市A股上市企业为样本，根据理论分析和实证分析得出研究结论：（1）企业金融化对盈余持续性具有负向影响，即企业金融化降低了盈余持续性，金融化的“挤出”效应占主导；（2）高管激励在金融化程度与盈余持续性之间发挥调节作用，薪酬激励和股权激励会削弱企业金融化程度对盈余持续性的负向影响；（3）流动性供给在企业金融化与盈余持续性之间表现为遮掩效应，实业投资和主业成长性在企业金融化与盈余持续性之间表现为部分中介效应。对中国企业而言，企业金融投资是流动性储备行为的解释力较小，更是一种资源侵占行为和投资替代手段，抑制了企业主业持续稳定发展；（4）企业配置不同期限的金融资产对盈余持续性产生的影响存在差异。与短期金融资产持有水平相比，长期金融资产持有水平对企业盈余持续性的负向影响更大；（5）企业金融化对企业盈余持续性的负向影响在金融监管较弱时期和非国有、位于东部沿海地区、处于成长期的企业中更为显著。
英文摘要：	In recent years, China's real economy has faced many challenges, such as overcapacity and rising production factor costs, and has fallen into the predicament of insufficient development momentum and weak growth. In order to seek greater economic benefits, the center of gravity of capital of enterprises has gradually shifted from the real industry to the high-yield financial industry, and the operation of capital has shifted to the financial field, with many real enterprises relying more and more on financial investment to achieve excess returns, and the phenomenon of "Off real to virtual" becoming more and more obvious. With the emphasis on sustainable development, how enterprises can prevent external shocks, maintain stable development, and obtain sustained growth is a key concern for management and investors. If enterprises want to maintain competitive advantages in the fierce market competition, they should make reasonable investment decisions according to their own development situation. Earnings persistence, as an important feature of high-quality earnings, is not only a key indicator of a company's future profitability, but also an important basis for evaluating the growth potential of enterprise value. Therefore, in the context of the trend of financialization of enterprises in China and the possibility of systemic risk arising from the "Off real to virtual" of the economy, the purpose of this dissertation is to study the impact and mechanism of the financialization of enterprises on the earnings persistence, and to provide theoretical references for the prevention and control of financial risks and the promotion of the sustainable development of enterprises. This dissertation firstly reviews and briefly comments on the current academic research on corporate financialization and earnings persistence, sorting out the direction and theoretical mechanism of corporate financialization's impact on earnings persistence, and takes the A-share listed enterprises in China's Shanghai and Shenzhen markets excluding the financial and real estate industries as samples from 2009-2023, and based on the theoretical and empirical analyses, draws the following conclusions: (1) Corporate financialization has a negative impact on earnings persistence, that is, corporate financialization reduces earnings persistence, and the “crowding out” effect of financialization is dominant; (2) executive incentives play a moderating role between financialization and earnings persistence, executive compensation incentives and equity incentives can weaken the negative impact of corporate financialization on earnings persistence; (3) liquidity supply has a concealing effect between corporate financialization and earnings persistence, and industrial investment and main business growth have a partially mediating effect between corporate financialization and earnings persistence. For Chinese enterprises, corporate financial investment is less explanatory power of liquidity reserve behavior, and more of a resource appropriation behavior and investment substitution means, which inhibits the sustainable and stable development of the main business; (4) There are differences in the impact of corporate allocation of financial assets with different maturities on earnings persistence. Compared with the level of short-term financial asset holdings, the level of long-term financial asset holdings has a greater negative impact on earnings persistence; (5) the negative impact of corporate financialization on the earnings persistence is more pronounced in the period of weaker financial regulation and in non-state-owned enterprises, located in the eastern coastal region, and in the growth period.
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