企业存在最优金融化水平吗?——基于主营业务经营风险的考察
Is There an Optimal Financial Level for Enterprises?——Based on Main Business Operating Risk
郝国雯1
作者信息
- 1. 湖北工业大学 经济与管理学院,湖北 武汉 430068
- 折叠
摘要
本文以2012-2021年我国A股上市公司为研究样本,对企业是否存在最优金融化水平进行考察.研究发现,企业以追求主营业务经营风险最小化为目标时,存在最优金融化水平,且在金融生态环境较好的企业和非国有企业中,最优金融化水平相对更高.检验表明,当企业金融化不足时,金融化通过提高研发投入降低主营业务经营风险;当企业金融化过度时,金融化通过提高金融资产收入占比增大主营业务经营风险.由此可见,企业应依据经营决策目标不断调整金融投资比例,以实现最优金融化,最大限度地发挥金融服务实体经济的职能.
Abstract
Utilizing the data of Chinese A-share listed companies form 2012-2021,this paper verifies whether there is an optimal financial level for enterprises.The finding shows that when enterprises pursue the lowest main business operating risk,there exists an optimal financial level.And among enterprises with good financial ecological environment and non-state-owned enterprises,the optimal financial level is rela-tively higher.The results of mediating effect test show that when enterprise financialization is insuffi-cient,it reduces the main business operating risk by increasing R&D investment.And when enterprise finan-cialization is excessive,it increases the main business operating risk by increasing the proportion of fi-nancial asset income.The research conclusions show that enterprises should continuously adjust the propor-tion of financial investment according to the goals pursued,in order to approach the optimal financial level and maximize the function of finance services for the real economy.
关键词
最优金融化/经营风险/金融生态环境/产权性质Key words
Optimal Financial Level/Operating Risk/Financial Ecological Environment/Nature of Prop-erty Right引用本文复制引用
基金项目
国家社会科学基金一般项目(22BJL035)
出版年
2024
NETL
NSTL
万方数据