摘要
以中国A股上市公司为研究样本,实证检验实体企业长期和短期金融资产配置对其转型升级的影响。研究发现,金融类长期股权投资对企业转型升级有正向促进作用,而短期金融资产配置却抑制了企业的转型升级。机制检验发现,金融类长期股权投资可以通过增加企业银行贷款、债券发行以及降低融资约束等中介渠道促进企业转型升级;而短期金融资产配置可以通过增加企业风险及融资约束程度的中介渠道抑制企业转型升级。异质性检验分析发现,企业金融类长期股权投资对转型升级的积极影响,在高新技术企业中更加显著,而在金融发展程度较高的地区更弱;短期金融资产配置对转型升级的负面影响,在公司治理和外部监督较强的企业中更弱。由于企业持有不同类别金融资产的动机和影响不同,政府部门应根据实体企业持有的具体金融资产类型对其进行监管。
Since the 13th Five-Year Plan,China’s economy has shifted from the stage of high-speed growth to the stage of high-quality development.Accelerating and promoting the transformation and upgrading of the manufacturing industry are crucial to China’s economic reforms.However,most enterprises in the early stage of transformation are faced with high risk,large demand for funds,and weak credit guarantees.How to strengthen financial institutions’support for the real economy to achieve high-quality economic development is an urgent problem that we need to deal with.In recent years,the phenomenon of real businesses’financial asset holdings in China has received wide attention.Will real businesses’financial asset holdings provide financial support for or crowd out enterprises’main business?Do different types of financial asset holdings by real businesses promote or inhibit the transformation and upgrading of enterprises?This paper takes China’s A-share listed enterprises as a research sample to examine the impact of real businesses’financial asset holdings on corporate transformation and upgrading.We manually collect the data of dependent and independent variables.The results show that financial long-term equity investment exerts a positive influence on corporate transformation and upgrading,while the short-term financial asset holdings inhibit it.After studying the impact mechanism,we find that debt financing has a mediation effect between financial long-term equity investment and corporate transformation and upgrading.Financial long-term equity investment increases the bank loans and corporate bonds issuance,and relieves financial constraints,which provides financial support for the main business of enterprises,and then promotes corporate transformation and upgrading.In addition,corporate risk and financial constraints have mediation effects between financial long-term equity investment and corporate transformation and upgrading.Short-term financial asset holdings increase the risk of enterprises and the degree of financial constraints,which in turn inhibit corporate transformation and upgrading.Heterogeneity analyses find that the positive impact of financial long-term equity investment on transformation and upgrading is more significant in high-tech enterprises,but it is weaker in areas with higher levels of financial development.Corporate governance and external supervision weaken the negative impact of short-term financial asset holdings on corporate transformation and upgrading.This paper makes two primary contributions to existing literature.First,this paper studies the impact of real businesses’financial asset holdings on transformation and upgrading.We collect data on corporate transformation and upgrading by manually reading merger announcements.Existing literature studies the impact of financial asset holdings on innovation,technological progress,and high-quality economic development,but no literature directly studies the relationship between financial asset holdings and corporate transformation and upgrading.Second,this paper compares the different effects of financial asset holdings on transformation and upgrading from long-term and short-term perspectives respectively.Previous studies on financial asset holdings and corporate innovation just aggregate all financial assets,and do not reveal the differences in the economic consequences of different types of financial assets.In this paper,we find that financial long-term equity investment is a form of financial-industrial integration,which can broaden the financing channels of enterprises,alleviate financial constraints,and then promote corporate transformation and upgrading.However,short-term financial asset holdings with the speculative motivation will crowd out R&D resources,enhance corporate risk,and then inhibit enterprises’transformation and upgrading.We believe that in order to achieve full financial support for the high-quality real economy,the government,financial institutions and enterprises have to work together.Under the synergy of financial policies,fiscal policies and industrial policies,the allocation of capital factors in industrial transformation and upgrading should be constantly optimized,so that finance can better serve the economic structure adjustment and corporate transformation and upgrading.
作者
慕亚宇
胡奕明
MU Yayu;HU Yiming(Antai College of Economics and Management,Shanghai Jiao Tong University,Shanghai 200030,China)
出处
《当代经济科学》
CSSCI
北大核心
2022年第5期113-126,共14页
Modern Economic Science
关键词
金融资产配置
金融化
转型升级
产融结合
融资约束
企业风险
financial asset holdings
financialization
transformation and upgrading
financial-industrial integration
financial constraints
corporate risk
作者简介
慕亚宇,女,上海交通大学安泰经济与管理学院博士研究生,研究方向为会计与资本市场、公司金融以及实体企业金融化,电子邮箱为muyayu@sjtu.edu.cn;通信作者:胡奕明,女,上海交通大学安泰经济与管理学院教授,博士生导师,研究方向为公司理财、管理会计和金融会计。
