实体企业金融化行为与信息披露质量关系的研究
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引用本文:邓 超,彭 斌.实体企业金融化行为与信息披露质量关系的研究[J].财经理论与实践,2021,(3):110-117
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作者单位
邓 超,彭 斌 (中南大学 商学院湖南 长沙 410083) 
中文摘要:基于2009-2018年沪深A股上市公司财务数据,利用固定效应模型,考量企业金融化对实体企业信息披露质量的影响。结果显示,实体企业金融化程度与其信息披露质量显著负相关,金融化企业主动降低信息披露质量的行为特征十分明显。进一步研究表明,在外部监管较为严格的国有企业、内部治理结构完善的规模较大企业中,金融化水平对企业信息披露质量的负面影响较小;而低融资约束企业信息披露质量对企业金融化水平更加敏感。机制检验发现,实体企业金融化主要是通过企业经营业绩和财务风险两条路径对企业信息披露质量产生影响。
中文关键词:企业金融化  信息披露质量  经营业绩  财务风险
 
Research on the Relationship between the Financialization Behavior of Entity Enterprises and the Information Disclosure Quality
Abstract:Based on the financial data of Shanghai and Shenzhen A share listed companies from 2009 to 2018, the fixed effects model is used to explore the impact of corporate financialization on the information disclosure quality of entity enterprises. The study found that the degree of corporate financialization is significantly negatively correlated with the information disclosure quality, which is obvious that entity enterprises with financialization behaviors actively reduce the information disclosure quality. Further research shows that, in the state owned enterprises with strict external supervision and large scale enterprises with sound internal governance structures, the level of financialization has less negative impact on the quality of corporate information disclosure; while the quality of corporate information disclosure with low financing constraints is more sensitive to corporate financialization. Mechanism inspection found that corporate financialization mainly affects the information disclosure quality through the following two paths: corporate operating performance and financial risk.
keywords:enterprise financialization  information disclosure quality  operating performance  financial risk
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