金融学院知识库

  随着我国实体经济市场产能过剩、增速放缓、投资回报率下降，以金融业和房地产业为代表的虚拟经济蓬勃发展，越来越多的实体企业不愿将过多的资金用于深耕原有产业，而是将更多的资金投入到金融业及房地产业。“实体企业金融化”的现象逐渐普遍起来了，对实体经济的发展也造成了一定的影响。已有研究发现，实体企业金融化对股价崩盘风险有正向影响也有负向影响，也有不少研究结论为随着实体企业金融化程度的不断加深，股价崩盘风险先减小后增加，即两者之间呈现U型关系。关于企业金融化与股价崩盘风险之间的关系尚未有一致的结论。因此，本文研究了在有限的资金流里，企业金融化对股价崩盘风险的影响是否会随着融资约束不同而有所不同，并结合理论分析了企业金融化到底是发挥了“蓄水池效应”通过平滑资金流来减小股价崩盘风险，还是发挥“挤出效应”来增加股价崩盘风险？

  本文选取了我国A股上市实体企业2009年至2019年的年度数据，基于融资约束视角，运用门限回归模型研究实体企业的金融化对股价崩盘风险的影响。研究结论表明：一、实体企业金融化与股价崩盘风险的关系关于融资约束存在单一门限，即并非线性关系。二、对于融资约束大于门限值的实体企业来讲，其金融化对股价崩盘风险的正向影响大于融资约束小于门限值的企业，而且显著；对于融资约束小于门限值的企业来说，金融化虽然会增加其股价崩盘的风险，但是影响不显著。在实证结果的基础上结合理论和影响机理分析了其中的原因：实体企业出于短期投资套利动机持有金融资产，挤占了主营业务资金，内部资金在金融系统循环空转，导致企业资金错配，并且增加了股价泡沫，脱离金融服务实体经济的初衷。

  最后，在加强企业配置金融资产监管、改善融资环境、提高信息透明度方面提出相关建议，让实体企业合理适量的持有金融资产，充分利用金融来促进企业发展，维持金融与经济市场平稳。

      With overcapacity, slow growth and declining investment returns in China's real economy market, the virtual economy represented by the financial industry and the real estate industry is booming. Instead of spending too much money on cultivating original industries, more and more real enterprises invest more capital in the financial industry and real estate. The phenomenon of financialization of real enterprises is gradually becoming more widespread, which also has a certain influence on the development of the real economy. Existing studies have found that the financializatoin of the real industry has both positive and negative impact on the risk of stock prices crash, and also a number of researches have concluded that with the continuous deepening of the financialization of real enterprises, the risk of stock price crash decreases first and then increases, namely,the relationship between them is U-shaped. There is still no consistent conclusion on the relationship between corporate financialization and the risk of stock price crash. Therefore, this paper studies in a limited flow,whether the relationship between enterprise financialization and stock price collapse will vary depending on the financing constraints,and combines the theories to analyze the enterprise financialization plays a “reservoir effect” through smooth cash flow to reduce the risk of the stock price crash,or plays “crowding-out effect” to increase the risk of share price collapse?

     This paper selects the annual data of China’s A-share listed entities from 2009 to 2019, and from the view of financing constraints,uses the threshold regression model to research the impact of financialization behavior of real businesses on the risk of stock price collapse. The research conclusions show that:Firstly, entity enterprise financialization of degree and the risk of the enterprise's share price collapse in the relationship of financing constraints exist single threshold, which is non-liner. Secondly, for real enterprises whose financing constraints are exceed the threshold value, the positive infulence of financialization on the risk of share price collapse is greater than the enterprises that are less the threshold, and it is significant; For enterprises whose financing constraints are less than the threshold, financialization will increase the risk of stock price crash ,while the impact is not significant. Based on the empirical results of this paper,the reasons are discussed by combining theory and mechanism: Real enterprises holds financial assets for short-term investment arbitrage purposes, crowding out the capital of main business, the internal funds circulates idling in the financial system, leading to the mismatch of enterprise funds, and increasing the stock price bubble, which deviates from the original intention of financial services to the real economy.

    Finally,it puts forwards some appropriate proposals on strengthening supervision of financial assets allocation, improving financing conditions and enhancing transparency of information, make full use of the finance to promote enterprise development, to maintain financial and economic market smoothly.