实体企业金融化对企业价值的影响
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引用本文:蔡艳萍,陈浩琦.实体企业金融化对企业价值的影响[J].财经理论与实践,2019,(3):24-31
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作者单位
蔡艳萍,陈浩琦 (湖南大学 工商管理学院湖南 长沙41000) 
中文摘要:选取2010—2017年A股上市公司面板数据,研究实体企业金融化对企业价值的影响,探究企业金融化—投资效率—企业价值的作用路径,分析融资约束水平在金融化程度与企业价值之间的异质性作用。结果表明:出于市场套利动机,实体企业金融化与企业价值之间呈现“倒U型”关系。投资效率在实体企业金融化影响企业价值过程中发挥中介效应;当融资约束较高时,金融化程度正向影响企业价值;当融资约束较低时,金融化程度负向影响企业价值。
中文关键词:金融化  企业价值  投资效率
 
The Impact of the Financialization of Entity Enterprises on the Value of Enterprises
Abstract:Selecting panel data of A-share listed companies from 2010 to 2017, the research includes: the impact of entity enterprise financialization on enterprise value, the role path of enterprise financialization, investment efficiency, enterprise value, and the heterogeneous role of financing constraint level between the degree of financialization and enterprise value. The results show that for the motive of market arbitrage, there is an inverted U-shaped relationship between the financialization of real enterprises and the value of enterprises; investment efficiency plays an intermediary role in the process that the financialization of real enterprises affects the value of enterprises; when the financing constraints are high, the degree of financialization positively affects the value of enterprises; when the financing constraints are low, the degree of financialization negatively affects the value of enterprises.
keywords:financialization  enterprise value  investment efficiency
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