摘要
利用2010—2019年中国沪深A股上市公司的季度数据,以经济政策不确定性为出发点实证研究了其与企业金融化的关系,进一步检验了异质性机构投资者持股的中介作用。实证结果发现:经济政策不确定性会促进企业金融化;压力抵制型机构投资者持股在前两者关系中起到不完全中介作用。另外又进一步区分私有产权属性和公有产权属性机构投资者,研究发现只有私有产权属性的证券投资基金存在促进企业金融化的中介作用,而公有产权属性的机构投资者受政府干预影响无法发挥中介作用。研究对于进一步研究如何引导企业避免“脱实入虚”具有重要价值。
Based on the quarterly data of Shanghai and Shenzhen A-share listed companies from 2010 to 2019,taking the economic policy uncertainty as a starting point,this paper carried out the empirical research on its relationship with enterprise financialization,and further verified the intermediary role of heterogeneous institutional investors’shareholding.The empirical results were shown as follows:economic policy uncertainty would promote enterprise financialization;the pressure-resistant institutional investors’shareholding played an incomplete intermediary role in the relationship between economic policy uncertainty and enterprise finanacialization.In addition,this paper further distinguished the institutional investors with private property rights and those with public property rights.The results showed that only the security investment funds with private property rights could promote enterprise financialization as intermediaries,while institutional investors with public property rights failed to work as intermediaries for government interventions.This study was of great value for the further study on how to guide enterprises to avoid“transforming the economy from substantial to fictitious”.
作者
邓九生
张悦
王琳瑶
DENG Jiu-sheng;ZHANG Yue;WANG Lin-yao(School of Economics and Management,China University of Geosciences(Wuhan),Wuhan 430074,China)
出处
《国土资源科技管理》
2022年第1期81-95,共15页
Scientific and Technological Management of Land and Resources
关键词
经济政策不确定性
机构投资者异质性
金融化
融资约束
economic policy uncertainty
heterogeneity of institutional investors
financialization
financing constraints
作者简介
邓九生(1970—),男,副教授,博士,从事财务会计理论、政府会计研究;通信作者:张悦(1997—),女,硕士研究生,从事政府会计、企业经济研究。E-mail:505293631@qq.com。
