摘要
外部政策环境变化如何影响国内企业的资源配置?文章运用2008~2019年A股非金融上市公司数据进行研究发现,外部贸易政策风险增加会使企业增持金融资产。随着外部市场集中度提高,贸易政策风险促使企业将资源从实体经济领域的主营业务和高流动性的货币资金转向收益性金融资产,收益性金融资产与货币资金形成了替代效应。究其影响机制,一是企业经营风险,二是主营业务收益率。具体而言,首先通过提升企业的经营风险促使企业增加收益性金融资产的持有,其次通过降低主营业务收益率促使企业同时增加收益性金融资产和货币资金持有。上述替代效应及影响机制在高出口依存度企业、民营企业尤为显著。研究结论拟为政府在开放环境下治理实体企业“脱实向虚”问题提供启示。
How do changes in the external policy environment affect the resource allocation of domestic enterprises?The conclusion drawn from the study using data from non-financial listed companies in A-share market from 2008 to 2019 is as follows.Enterprises will increase their holdings of financial assets as external trade policy risks increase.With the increase of external market concentration,trade policy risks have prompted enterprises to shift resources from the main business and highly liquid monetary capital in the field of the real economy to profitable financial assets,which has formed a substitution effect with monetary capital.The impact mechanism is twofold:firstly,the operational risk of the enterprise,and secondly,the return rate of the main business.Specifically,firstly,by increasing the operational risk of the enterprise,it is encouraged to increase the holding of profitable financial assets.Secondly,by reducing the return on main business,it is encouraged to simultaneously increase the holding of profitable financial assets and monetary funds.The above substitution effect and impact mechanism are particularly significant in enterprises with high export dependence,especially private enterprises.The research conclusion is intended to provide inspiration for the government to address the issue of entity enterprises'transition from reality to emptiness in an open environment.
作者
孙江永
刘真
李淑云
SUN Jiangyong;LIU Zhen;LI Shuyun
出处
《世界经济研究》
CSSCI
北大核心
2023年第10期77-88,M0003,共13页
World Economy Studies
基金
教育部人文社会科学研究一般项目“自由贸易试验区驱动中国经济高质量发展的成效评估与优化路径研究”(项目编号:21YJC790066)。
