涉农企业金融化与企业财务风险水平研究——基于中国A股上市公司的实证分析
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摘要
基于我国A股涉农上市企业2007—2018年数据,运用面板固定效应模型实证分析涉农企业金融化对企业财务风险水平的影响。结果表明,总体上涉农企业金融化"替代"动机强于"蓄水池"动机,且显著提高企业财务风险水平。研究发现,不同类型金融资产对企业财务风险水平影响不同。具体而言,交易类金融资产对企业财务风险影响不大,投资类金融资产对企业财务风险的增大具有显著正向促进作用。当企业持有的投资类金融资产比例越高,尤其是投资性房地产持有比例越高时,企业财务风险水平将越高。通过多种方法作稳健性检验后,研究结论仍然成立。基于此,应加强金融监管,降低涉农企业赋税负担,合理配置金融资产,以减缓其基于"替代"动机产生的金融化趋势并降低财务风险水平。
Based on the data of Chinese A-share listed agriculture-related enterprises from 2007 to 2018, the panel fixed effect model was used to empirically analyze the influence of financialization of agriculture-related enterprises on the financial risk level of enterprises. The results showed that substitution motivation of financialization of agriculture-related enterprises was stronger than reservoir motivation, and significantly improved the financial risk level faced by enterprises. Further researches showed that different types of financial assets had different effects on the risk level of enterprises. Specifically, transaction financial assets had few impact on the financial risk of enterprises, while investment financial assets had a significant positive effect on the enhancement of enterprise risk. When the proportion of investment financial assets held by enterprises was higher, especially the proportion of investment real estate, the financial risk level of enterprises would be higher. After the robustness test by various methods, the conclusion of this paper was still valid. Based on the research conclusions, financial supervision should be strengthened, the tax burden of agriculture-related enterprises should be reduced, and rationally allocating financial assets should be encouraged too, so as to slow down the trend of financialization based on substitution motivation and reduce the risk level of agriculture-related enterprises.
Based on the data of Chinese A-share listed agriculture-related enterprises from 2007 to 2018, the panel fixed effect model was used to empirically analyze the influence of financialization of agriculture-related enterprises on the financial risk level of enterprises. The results showed that substitution motivation of financialization of agriculture-related enterprises was stronger than reservoir motivation, and significantly improved the financial risk level faced by enterprises. Further researches showed that different types of financial assets had different effects on the risk level of enterprises. Specifically, transaction financial assets had few impact on the financial risk of enterprises, while investment financial assets had a significant positive effect on the enhancement of enterprise risk. When the proportion of investment financial assets held by enterprises was higher, especially the proportion of investment real estate, the financial risk level of enterprises would be higher. After the robustness test by various methods, the conclusion of this paper was still valid. Based on the research conclusions, financial supervision should be strengthened, the tax burden of agriculture-related enterprises should be reduced, and rationally allocating financial assets should be encouraged too, so as to slow down the trend of financialization based on substitution motivation and reduce the risk level of agriculture-related enterprises.
引文
[1]彭俞超,韩珣,李建军.经济政策不确定性与企业金融化[J].中国工业经济, 2018(1):137-155.
[2]张慕濒,诸葛恒中.全球化背景下中国经济的金融化:涵义与实证检验[J].世界经济与政治论坛, 2013(1):122-138.
[3]宋军,陆旸.非货币金融资产和经营收益率的U形关系——来自我国上市非金融公司的金融化证据[J].金融研究, 2015(6):111-127.
[4]张成思,张步昙.中国实业投资率下降之谜:经济金融化视角[J].经济研究, 2016, 51(12):32-46.
[5]胡奕明,王雪婷,张瑾.金融资产配置动机:“蓄水池”或“替代”——来自中国上市公司的证据[J].经济研究, 2017, 52(1):181-194.
[6]谢家智,王文涛,江源.制造业金融化、政府控制与技术创新[J].经济学动态, 2014(11):78-88.
[7]王红建,曹瑜强,杨庆,等.实体企业金融化促进还是抑制了企业创新——基于中国制造业上市公司的经验研究[J].南开管理评论, 2017, 20(1):155-166.
[8]杜勇,张欢,陈建英.金融化对实体企业未来主业发展的影响:促进还是抑制[J].中国工业经济, 2017(12):113-131.
[9]罗党论,廖俊平,王珏.地方官员变更与企业风险——基于中国上市公司的经验证据[J].经济研究, 2016, 51(5):130-142.
[10]萧维嘉,王正位,段芸.大股东存在下的独立董事对公司业绩的影响——基于内生视角的审视[J].南开管理评论, 2009, 12(2):90-97.
[11] Baud C, Durand C. Financialization, globalization and the making of profits by leading retailers[J]. Socio-Economic Review, 2012, 10(2):241-266.
[12] Bodnar G M, Marston H R C. Wharton survey of financial risk management by US non-financial firms[J]. Financial Management, 1998,27(4):70-91.
[13] Crotty J. The neoliberal paradox:the impact of destructive product market competition and‘modern’financial markets on nonfinancial corporation performance in the Neoliberal Era[J]. Financialization and the World Economy, 2005, 35:271-279.
[14] Dore R. Stock market capitalism vs. welfare capitalism-stock market capitalism and its diffusion[J]. New Political Economy, 2002, 7(1):115.
[15] Demir F. Financial liberalization, private investment and portfolio choice:Financialization of real sectors in emerging markets[J]. Journal of Development Economics, 2009, 88(2):314-324.
[16] Epstein G A. Financialization and the world economy[M]. London:Edward Elgar Publishing, 2005.
[17] Krippner G R. The financialization of the American economy[J]. Socio-Economic Review, 2005, 3(2):173-208.
[18] Orhangazi?. Financialisation and capital accumulation in the non-financial corporate sector:A theoretical and empirical investigation on the US economy:1973-2003[J]. Cambridge Journal of Economics, 2008, 32(6):863-886.
[19] Sassen S. Global cities and developmentalist states:how to derail what could be an interesting debate:a response to hill and kim[J]. Urban Studies, 2001, 38(13):2537-2540.
[20] Seo H J, Kim H S, Kim Y C. Financialization and the Slowdown in Korean Firms'R&D Investment[J]. Asian Economic Papers, 2012, 11(3):35-49.
[21] Stulz R M. Rethinking risk management[J]. Journal of Applied Corporate Finance, 1996, 9(3):8-25.
(1)数据来源于A股涉农上市企业财务报表整理统计。
[2]张慕濒,诸葛恒中.全球化背景下中国经济的金融化:涵义与实证检验[J].世界经济与政治论坛, 2013(1):122-138.
[3]宋军,陆旸.非货币金融资产和经营收益率的U形关系——来自我国上市非金融公司的金融化证据[J].金融研究, 2015(6):111-127.
[4]张成思,张步昙.中国实业投资率下降之谜:经济金融化视角[J].经济研究, 2016, 51(12):32-46.
[5]胡奕明,王雪婷,张瑾.金融资产配置动机:“蓄水池”或“替代”——来自中国上市公司的证据[J].经济研究, 2017, 52(1):181-194.
[6]谢家智,王文涛,江源.制造业金融化、政府控制与技术创新[J].经济学动态, 2014(11):78-88.
[7]王红建,曹瑜强,杨庆,等.实体企业金融化促进还是抑制了企业创新——基于中国制造业上市公司的经验研究[J].南开管理评论, 2017, 20(1):155-166.
[8]杜勇,张欢,陈建英.金融化对实体企业未来主业发展的影响:促进还是抑制[J].中国工业经济, 2017(12):113-131.
[9]罗党论,廖俊平,王珏.地方官员变更与企业风险——基于中国上市公司的经验证据[J].经济研究, 2016, 51(5):130-142.
[10]萧维嘉,王正位,段芸.大股东存在下的独立董事对公司业绩的影响——基于内生视角的审视[J].南开管理评论, 2009, 12(2):90-97.
[11] Baud C, Durand C. Financialization, globalization and the making of profits by leading retailers[J]. Socio-Economic Review, 2012, 10(2):241-266.
[12] Bodnar G M, Marston H R C. Wharton survey of financial risk management by US non-financial firms[J]. Financial Management, 1998,27(4):70-91.
[13] Crotty J. The neoliberal paradox:the impact of destructive product market competition and‘modern’financial markets on nonfinancial corporation performance in the Neoliberal Era[J]. Financialization and the World Economy, 2005, 35:271-279.
[14] Dore R. Stock market capitalism vs. welfare capitalism-stock market capitalism and its diffusion[J]. New Political Economy, 2002, 7(1):115.
[15] Demir F. Financial liberalization, private investment and portfolio choice:Financialization of real sectors in emerging markets[J]. Journal of Development Economics, 2009, 88(2):314-324.
[16] Epstein G A. Financialization and the world economy[M]. London:Edward Elgar Publishing, 2005.
[17] Krippner G R. The financialization of the American economy[J]. Socio-Economic Review, 2005, 3(2):173-208.
[18] Orhangazi?. Financialisation and capital accumulation in the non-financial corporate sector:A theoretical and empirical investigation on the US economy:1973-2003[J]. Cambridge Journal of Economics, 2008, 32(6):863-886.
[19] Sassen S. Global cities and developmentalist states:how to derail what could be an interesting debate:a response to hill and kim[J]. Urban Studies, 2001, 38(13):2537-2540.
[20] Seo H J, Kim H S, Kim Y C. Financialization and the Slowdown in Korean Firms'R&D Investment[J]. Asian Economic Papers, 2012, 11(3):35-49.
[21] Stulz R M. Rethinking risk management[J]. Journal of Applied Corporate Finance, 1996, 9(3):8-25.
(1)数据来源于A股涉农上市企业财务报表整理统计。
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