摘要
金融发展影响企业资源获取和配置,进而对企业高质量发展产生重要影响。本文以中国沪深两市非金融行业上市公司为研究样本,对金融发展与企业高质量发展之间的关系以及企业多元化战略的中介效应进行了探讨。研究表明:金融发展与企业高质量发展呈现倒U型关系,而企业多元化战略在其中发挥了负向中介效应。同时,企业内部经营情况对金融发展与企业高质量发展之间的关系具有调节作用,盈利能力和经营现金流增加会削弱两者之间的关系。此外,金融发展对企业高质量发展的作用以及多元化战略这一影响机制在不同规模企业和不同所有制企业中存在异质性。而企业投资效率提高、研发投入增加和创新能力增强更有利于发挥金融发展对企业主业发展的支持作用,促进企业高质量发展。因此,金融发展应以服务实体经济为导向,持续改进结构并提高效率;企业应贯彻高质量发展理念,以培养核心竞争力为重点,不断发展主业并提高发展质量。
The capability of financial sector to serve real economy is needed for the pursuit of firms’high-quality development.This paper uses micro data of China A-share listed companies from 2008 to 2018 to study the effect of financial development on firm high-quality development.The overall U-shape effect is found.Financial development can accelerate capital flow and improve capital allocation,so it alleviates firms’financing constraint as increasing firms’cash hold and financial asset,which means that firms are given higher capacity to invest and better ability to control the fluctuation of investment as well as better ability to cope with risks.Under that situation,firms are blessed with greater motivation and ability to choose the best choice without inefficient binding constraint and to execute long-run investment plan smoother and better.However,when deepening of financial sector reached over some level,financial development also has negative effect on firm high-quality development because bank-based financial systems decrease resource allocation efficiency.Since the existent of"Credit Market Discrimination",current way of financial development would lead to resource gains towards state-owned firms and large firms,but relative loss towards nonstate-owned firms and small firms.This paper also finds that firm diversification strategy is served as a mediating channel from financial development to firms’high-quality development.Managers have a different maximizing goal from the firm’s maximization value,so they have the tendency to make decisions based on their private profits.Financial development offers firms greater loans and increase the free cash flow level of those firms with bank preference and without financing constraint.Those aggravate managers’inefficient behaviors and cause firms diversified to grasp more arbitrage chance from various investment.Meanwhile,firms who are not supported by credit preference encounter a more difficult time to compete,forcing them to enter policy-supported industries through diversification strategy to gain resources.On both sides,financial development intensifies firms’implement of diversification strategy.Managers in diversified firms prefer to overinvest in order to gain more"invisible"power which can give themselves more private profits.Diversified firms tend to invest in financial sectors or other industries to look for arbitrage opportunities and gain short-term profits,leading themselves put a lower level of effort on their core business.Financial development causes firms become more prone to adopt diversification strategy,which performing a negative mediating effect because it is not beneficial for firms to reduce governance costs,develop core business and cultivate long-term competitiveness.This paper makes great contribution to understand the U-shape relationship between China financial development and firm high-quality development using more accurate city-level dataof financial sectors.And this paper also finds a vital mediating channel,the diversification strategy,to better understand the important role of firm behaviors when facing financial development in achieving high-quality development.Furthermore,the followings are also discovered.High quality development of firms with better internal business cash flow and better earning profit tend to be less affected by current financial development.Heterogeneity also exists regarding the U shape relationship and the mediating effect between large firms and small firms,state-owned firms and non-state-owned firms.Firms with higher investment efficient,larger R&D intensity and greater innovation ability tend to get more significant positive effect,while less significant negative influence through the diversification channel.Overall,this paper believes that firms should choose better strategy and focus on their core business.Advancing reforms in the financial structure and developing financial market to better serve real economy as well as tighten up the arbitrage opportunity which may distract firms from core business are also important.
作者
李佳霖
张倩肖
董嘉昌
LI Jia-lin;ZHANG Qian-xiao;DONG Jia-chang(School of Economics and Finance,Xi'an Jiaotong University,Xi'an,Shaanxi,710061,China)
出处
《经济管理》
CSSCI
北大核心
2021年第2期88-105,共18页
Business and Management Journal ( BMJ )
基金
国家自然科学基金青年项目“创新激励扭曲下R&D资金错配与全要素生产率损失的形成机理及测算”(71804140)
教育部人文社会科学青年项目“广延边际视角下的要素重置与全要素生产率提升机制研究”(18YJC790021)
关键词
金融发展
多元化
高质量发展
资源配置
核心能力
financial development
diversification
high-quality development
resource allocation
core ability
作者简介
通讯作者:李佳霖,女,博士研究生,研究领域是产业组织与经济发展,电子邮箱:CatherineLJL@outlook.com;张倩肖,女,教授,博士生导师,研究领域是产业组织理论与政策,电子邮箱:zhqxiao@mail.xjtu.edu.cn;董嘉昌,男,博士研究生,研究领域是宏观经济增长与产业结构转型,电子邮箱:dongjc_xjtu@sina.com。
