文献类型：期刊文献

中文题名：外部盈利压力、多元化股权投资与企业的金融化

英文题名：External Earning Pressure,Diversified Equity Investment and Firm Financialization

作者：柳永明[1];罗云峰[1,2]

机构：[1]上海财经大学金融学院，上海 200433;[2]绍兴文理学院元培学院，浙江 绍兴 312000

年份：2019

卷号：0

期号：3

起止页码：73

中文期刊名：财经研究

外文期刊名：Journal of Finance and Economics

收录：CSTPCD、、国家哲学社会科学学术期刊数据库、CSSCI2019_2020、北大核心2017、北大核心、社科基金资助期刊、CSSCI

基金：上海财经大学研究生创新基金(CXJJ-2015-312)的支持

语种：中文

中文关键词：企业金融化;金融资产收益率;投资不足;外部盈利压力;多元化股权投资

外文关键词：firm financialization;financial asset yield;underinvestment;external earning pressure;diversified equity investment

中文摘要：近年来,企业的金融化倾向越来越普遍,并逐渐形成了"脱实向虚"效应。已有研究大多认为推动企业金融化倾向的主要是货币政策、金融市场发展等宏观因素,而忽视了股东价值导向产生的公司特质因素。基于此,文章研究了我国上市公司的金融资产收益特征及持有金融机构与房地产公司股权行为对公司实体投资不足产生的影响,并且进一步探究了外部盈利压力和内部治理机制对金融投资挤出实体投资所产生的影响。研究发现:(1)母公司层面的公司金融投资收益提升以及公司持有金融机构与房地产企业股权的行为都会促使企业减少实体投资,从而造成企业的投资不足,即存在金融投资对实体投资的挤出效应。(2)从外部治理机制来看,由资本市场盈利预测和股价形成的外部盈利压力会加强公司金融资产投资对实体投资的挤出效应,从而强化企业金融化造成的影响。(3)从内部治理机制上看,在双重效应的共同作用下,代理问题产生的缓解力量超过了股东价值导致的推动力量,使得多元化股权投资最终缓解了金融化的投资挤出效应。上述研究结论表明,公司治理机制与投资者保护机制的改善和优化,可以在一定程度上抑制企业金融化倾向。

外文摘要：In recent years,financialization appears in Chinese firms to inspire financial investment to exclude real ones,which also exists in the United States and other nations. As the microcosmic basis of financialization,the phenomenon of firm financialization whether exists and its causes have attracted wide attention of scholars. Previous research in firm financialization focuses on macroeconomic factors like monetary policies;therefore,it attributes financialization to general investment decisions in firms which are affected by macroeconomic background. However,research in internal factors especially in corporate governance has been ignored to some extent. Because of the complex background of financialization,the impact of internal governance factors on firm financialization is also in urgent need of effective analyses,and then effective supervision and policy guidance are generated to avoid potential risks of the real economy. This paper firstly uses a modified empirical model in measuring idiosyncratic effects on firm financialization from corporate governance. In this model,inefficient investment is settled as the object instead of total investment in order to measure idiosyncratic motivations in financialization,and then we use the PSM method to balance the effects from irrational factors in firms’ investment decisions. On this basis,we carry out an empirical analysis in using semi-annual data of listed companies in China from 2007 to 2016. We firstly measure excluding effects in real investment from financialization under the background of corporate governance,which carries out both at the parent firm level and conglomerate level to obtain comprehensive results. Then we measure the impact from external earning pressure and diversified equity investment on excluding effects to analyze impressions from internal shareholders and external ones. It comes to the following conclusions:First,On the basis of excluding irrational investment decisionmaking,firm financialization represented by financial investment returns and holding equity of financial institutions has produced significant excluding effects of real investment. Second,external earning pressure strengthens excluding effects to some extent. Third,the impact of diversified equity investment on financialization shows two-sided effects:one is to strengthen excluding effects at the parent firm level,while the other is to reduce the effects at the conglomerate level. The conclusions of this paper indicate that the shareholder value orientation in Chinese firms essentially strengthens excluding effects from financialization both in internal and external paths. On the one hand,financialization effects are relieved while the equity investment of parent firms weakens total shareholder values;on the other hand,outside shareholder values strengthen financialization effects by earning pressure from external capital markets. In short,this paper expands the existing research from the following two aspects. First,it provides new paths in analyzing how the shareholder value orientation influence financialization effects,which strengthens the financialization theory. Second,this paper also constructs an empirical model for measuring the impact of corporate heterogeneity on financialization,which provides a certain basis for the follow-up study of firm financialization in the micro-field.