摘要
随着金融市场的发展,越来越多的实体企业开展金融活动,其经济后果广受关注。基于2009—2020年中国A股非金融上市公司面板数据,实证检验了股权激励对企业金融化影响企业全要素生产率的调节效应得到以下结论。(1)企业金融化对企业全要素生产率具有抑制作用,进一步分析发现,企业持有短期金融资产正向影响企业全要素生产率;企业持有长期金融资产对于企业全要素生产率产生负向影响。(2)影响机制检验显示,股权激励会显著弱化企业金融化对企业全要素生产率的抑制效应。(3)异质性分析表明,在民营企业和高新技术企业,股权激励对企业金融化的经济效果抑制效应更加显著。研究成果对提升企业投资效率具有一定现实意义。
With the development of the financial market,more and more physical enterprises carry out financial activities,and their economic consequences are widely concerned.Based on the panel data of non-financial Chinese listed companies from 2009 to 2020,the author made an statistical analysis on the moderating effect of enterprise financialization on enterprise on total factor productivity.The results show that corporate financialization has a restraining effect on enterprise total factor productivity.Further research shows that corporate short-term financial assets have a positive impact on enterprise total factor productivity,while enterprise long-term financial assets have a negative impact on corporate total factor productivity.Secondly,the mechanism analysis shows that equity incentive will significantly weaken the crowding out effect of financialization on total factor productivity.Thirdly,heterogeneity analysis shows that equity incentive has a more significant inhibitory effect on economic consequences of corporate financialization,in private enterprises and high tech enterprises.The research results have certain practical significance for improving the investment efficiency of Chinese corporate.
出处
《金融理论与实践》
北大核心
2023年第3期82-91,共10页
Financial Theory and Practice
基金
2022年河南省哲学社会科学规划年度项目(2022BJJ063)
2021年河南省高等学校重点科研项目(21A790012)的阶段性成果。
关键词
企业金融化
股权激励
企业全要素生产率
corporate financialization
equity incentive
total factor productivity
作者简介
朱晓杰(1982-),女,河南安阳人,本科,副教授,研究方向为经济管理。
