金融学院知识库

    目前，防范和化解重大风险是我国未来工作的首要任务，从微观层面来看，其实质就是调控企业的风险承担水平。而且近年来，我国金融业快速发展，金融资产的高收益率吸引着越来越多的实体企业转向进行金融化投资活动。虽然，企业进行适度的金融投资活动能够缓解企业融资中存在的约束，降低企业的风险承担。但根据金融过度理论，金融过度发展却会抑制经济的增长，企业过度金融化会挤占实体资本发展空间，引发资本“脱实向虚”，提高企业的风险承担水平。因此，本文基于金融化适度性的角度，进行企业金融化对企业风险承担水平的影响研究。

    本文选取了2009-2020年A股非金融上市企业作为原始研究样本，借鉴以往学者的研究思路，构建企业金融化适度性甄别模型用于拟合样本企业的最优化金融化水平，并得出企业的金融化适度性水平。在此基础上，本文首先建立了固定效应的面板回归模型来研究企业金融化适度性对风险承担水平的影响，并进一步探究了市场化进程在此影响过程中产生的调节效应。其次，构建面板门槛模型来验证企业金融化适度性对风险承担产生的非线性影响，并得出门槛值。

    本文的研究结果表明：（1）企业金融化适度性与风险承担水平间存在“U”型的非线性关系，即适度金融化会降低企业的风险承担水平，过度金融化则会提高企业的风险承担水平，且两者存在单一门槛值。（2）无论是适度企业金融化还是过度企业金融化状态，市场化进程的提高都会削弱企业金融化适度性对风险承担的影响作用。

    基于此，本文得出以下启示：第一，企业应重视企业内部存在的代理成本问题，遏制管理层出于自身的利益所进行的以资本投机为动机的金融化行为；第二，企业不仅要重视不同类型金融资产风险收益的差异性，更应建立系统性的企业风险管理机制；第三，政府部门要做好顶层设计，建立健全企业有关金融资产投资行为的制度政策，不断充实完善实体经济与金融相结合的法律法规。

        At present, to guard against and defuse major risks is the primary task of our future work, from the micro-level, its essence is to regulate the risk-taking level of enterprises.In recent years, with the rapid development of financial industry, the high rate of return on financial assets attracts entities to proceed financial investment activities. Enterprise financialization can alleviate the financing constraints, and reduce the risk-taking of enterprises.However, according to the theory of financial excess, the excessive development of finance will hinder the healthy development of the economy, the excessive financialization of enterprises will take up the space for the development of the real capital and cause the capital  “being distracted from their intended purpose”, raise the level of risk-taking of enterprises.Therefore, this paper studies the influence of financialization moderation on enterprise risk-taking level from the perspective of financialization moderation.

This paper selects the A-SHARE listed non-financial enterprises as the research sample from 2009 to 2020, and uses the moderate screening model of financialization to fit the optimal financialization level,then obtains the sample enterprise the financialization moderation. On this basis, the paper establishes a fixed effects panel regression model to verify the impact of enterprise financialization suitability on the risk-taking level, and further analyzes the effect of marketization process in this process.Secondly, the panel threshold model is constructed to verify the nonlinear impact of the above influencing process.

The results show that: (1) There is a “U” nonlinear relationship between the degree of enterprise financialization and the level of enterprise risk-taking. In the form of, moderate financialization will reduce the risk-taking level of enterprises, and excessive financialization will increase the risk-taking level. (2) The improvement of marketization process will weaken the influence of enterprise’s financialization on risk-taking whether it is moderate or excessive.

Based on this, this paper draws the following inspirations: Firstly, enterprises should pour attention to the principal-agent problem, restrain managements’ behavior of motivation of capital arbitrage; Secondly, enterprises should not only face up to the differences in the risk-return of financial assets, but also attach to establish systematic enterprise risk management mechanism; Thirdly, government departments should do a good job in top-level design and further improve the institutional arrangements for enterprise financialization, establish the laws and regulations of the combination of real economy and financial.