摘要
利用我国上市企业2008—2018年面板数据,使用固定效应模型就外资持股对企业金融化的影响进行实证分析,并进一步探讨该影响在异质性企业间的差异。研究发现:外资持股抑制了企业金融化;从融资约束角度看,外资持股对高融资约束企业金融化产生显著的抑制作用,而对低融资约束企业金融化的影响不显著;从企业发展角度看,外资持股对成熟期企业金融化产生显著的抑制作用,而对成长期和衰退期企业金融化的影响不显著。最后,从完善外资引进机制、完善企业信息平台建设等方面提出促进企业适度金融化的政策建议。
Based on the panel data of China’s listed enterprises from 2008 to 2018,this paper empirically analyzes the impact of foreign ownership on the financialization of enterprises by using fixed effect model,and further explores the differences of this impact among heterogeneous enterprises.From the perspective of financing constraints,it is found that foreign ownership has a significant inhibitory effect on the financialization of enterprises with high financing constraints,but has no significant effect on the enterprises with low financing constraints;from the perspective of enterprise development,it is found that foreign ownership has a significant inhibitory effect on the financialization of enterprises in the mature stage,while has no significant effect on the enterprises in the growth and recession periods.Finally,it puts forward some policy suggestions to promote the moderate fiancialization of enterprises,such as improving the introduction mechanism of foreign capital and the construction of enterprise information platform.
作者
张建伟
ZHANG Jianwei(School of Economics and Management,Huanghuai University,Zhumadian,Henan 463000)
出处
《上海立信会计金融学院学报》
2020年第6期88-98,共11页
Journal of Shanghai Lixin University of Accounting and Finance
关键词
外资持股
异质性企业
金融化
Foreign ownership
Heterogeneous enterprises
Financialization
