中国非金融企业金融化的影响因素分析

邓超; 张梅; 唐莹

中国非金融企业金融化的影响因素分析

引用本文：邓超，张梅，唐莹.中国非金融企业金融化的影响因素分析[J].财经理论与实践,2017,(2):2-8

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作者	单位
邓超，张梅，唐莹	（中南大学商学院，湖南长沙 410083）

中文摘要:作为经济金融化微观层面的重要表现，非金融企业金融化现象日益凸显。以2001-2014年我国A股上市的非金融企业为研究对象，借助Eviews6.0软件，运用最小二乘法，从宏观和微观两个层面实证分析我国非金融企业金融化的影响因素。研究表明：企业的金融化程度随着其股东价值最大化观念的增强而加深，企业金融资产持有比例与其主营业务利润率呈U型关系，稳定的宏观经济环境会弱化企业的金融投资行为。

中文关键词:非金融企业金融化金融投资影响因素

Influencing Factors of Financialization of Non-financial Enterprises in China

Abstract:With the development of economic financialization, more and more non-financial enterprises prefer to invest financial assets. The paper analyzes the Chinese non-financial listed companies from 2001 to 2014. The influencing factors of financialization of non-financial enterprises are empirically investigated at macro-and micro-level based on the least squares method using Eviews 6.0. It finds that: the degree of financialization of the enterprise has been deepened with the maximizing of the shareholder value; there is a U-shaped relationship between the degree of financialization and the operating profit rate; a stable macroeconomic environment will weaken the financial investment behavior of enterprises.

keywords:non-financial enterprises financialization financial investment influencing factor

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