摘要
本文利用A股上市公司2009-2017年的数据,在现有文献对于企业实体领域投融资期限错配动机及后果研究的基础上,运用非线性模型,结合金融化行为中的“脱实向虚”与“雪中送炭”特征,分析金融化投资的双重特征。研究发现:金融化投资存在“长贷短投”现象,在长期信贷超出门槛值后,体现出“脱实向虚”特征;金融化期限错配又能缓解实体领域的“短贷长投”问题、抑制过度投资,存在“雪中送炭”的合理性特征。
Based on the data of 2009-2017 A-share listed companies and the available studies of non-financial enterprise’s motivation and consequence of maturity mismatching in investment and financing,and with the nonlinear model,the authors of this paper analyse the dual features,the deviation from real economy and alleviation of fund shortage,in financialized investment behaviour.The results show that the long-term loan to finance short-term financial investment exists in the financialized investment,and it will show a feature of deviation from real economy while the long-term loans exceed the threshold value;the maturity mismatching could help alleviate the short-term loan to finance long-term financial investment and the deviation from real economy and curb over-investment,and shows a feature of alleviation of fund shortage.
作者
俞毛毛
马妍妍
YU Mao-mao;MA Yan-yan
出处
《金融论坛》
CSSCI
北大核心
2020年第6期31-39,60,共10页
Finance Forum
基金
国家自然科学基金青年项目“贸易自由化与制造业企业储蓄率上升之谜”(71803017)。
关键词
企业金融化
金融资产投资
信贷期限错配
脱实向虚
enterprise financialization
financial asset investment
credit maturity mismatch
deviation from real economy
reservoir effect
