摘要
以2007—2018年沪深A股非金融上市公司为研究样本,实证检验了社会信任对企业金融化的影响及其内在机理。研究发现,社会信任水平的提高可以有效降低企业金融化程度;社会信任通过直接与间接缓解代理冲突以及降低管理层短期业绩压力,对企业金融化产生影响。进一步研究发现,社会信任对企业金融化的治理效应主要体现在具有特定特征的企业中,这些特征包括金融监管力度较弱、地区法治水平较低、外部监督强度较弱和内部治理水平较低等。本文的发现有助于深化社会信任经济后果与企业金融化影响因素的研究,也从非正式制度层面为防范和化解实体经济风险提供了证据支持。
The research paper empirically explored the relationship between social trust and corporate financialization and its influencing mechanism by setting A-share listed non-financial companies in Shanghai and Shenzhen from 2007 to 2018 as the sample.The study found that the improvement of social trust could effectively lower the degree of corporate financialization through the paths of alleviating agent conflict and reducing management short-term performance pressure.Further analysis revealed that,the governance effect of social trust mainly existed in the enterprises with certain features,including weaker financial supervision,lower degree of regional rule of law,weaker external supervision and lower internal governance degree.The findings above were helpful for the researches of the economic consequences of social trust and the influencing factors of enterprise financialization,which had also provided evidence support for preventing and defusing real economy risk from informal institutional aspect.
作者
翟淑萍
甦叶
缪晴
ZHAI Shu-ping;SU Ye;MIAO Qing(Accounting School,Tianjin University of Finance and Economics,Tianjin 300222,China)
出处
《山西财经大学学报》
CSSCI
北大核心
2021年第6期56-69,共14页
Journal of Shanxi University of Finance and Economics
基金
国家自然科学基金面上项目(71972140)
关键词
社会信任
企业金融化
代理冲突
业绩压力
治理机制
social trust
financialization of entity enterprises
agent conflicts
performance pressure
governance mechanism
作者简介
翟淑萍(1975-),女,天津财经大学会计学院教授,经济学博士,主要研究方向为资本市场与公司财务;甦叶(1996-),女,天津财经大学会计学院博士研究生,主要研究方向为资本市场与公司财务;缪晴(1993-),女,天津财经大学会计学院博士研究生,主要研究方向为资本市场与公司财务。
