摘要
近年来受经济环境与市场不确定性的影响,中国企业经营活动利润受到影响,而逐渐涉入金融化活动,以追求金融资产投资的利润。文章以2008—2019年沪深上市公司数据,实证研究货币政策对企业金融化的影响;与此同时,还考虑了商业银行价格竞争的调节作用,验证是否对货币政策与企业金融化之间有促进作用,并比较分析不同产权制度上市公司的差异。实证结果显示,货币宽松程度越大,上市公司的金融化程度越高,且民营企业的金融化速度明显高于国有企业;其次,银行价格竞争对民营企业在货币宽松环境下的金融化具有促进作用。
Recently with the context of uncertainty in economic environment and markets,Chinese firms has suffered impacts in operational profits,and then has gradually involved investment activities in order to gain profits on investment of financial assets.The study employs data of companies listed in Shanghai and Shenzhen stock exchange over the period from 2008 to 2019 to investigate the monetary policy on firm financialization.In addition,by considering a moderator of bank price competition,the study examines whether it causes the facilitation on the relationship between monetary and firm financialization.At the same time,the study tries to comparative analysis the difference of financialization between state-owned and private-owned firms.The results of the study reveal that the level of firm financialization is higher due to expansionary monetary policy,and private-owned firms are more speedy than state-owned firms in firm financialization.The study also find that private-owned firms have the facilitating effect of bank price competition on the relationship between monetary policy and firm financialization.
作者
朱顺和
李顺平
ZHU Shun-he;LI Shun-ping(School of Business,Macao University of Science and Technology,Macao 999078,China)
出处
《技术经济与管理研究》
北大核心
2021年第9期80-84,共5页
Journal of Technical Economics & Management
基金
澳门科技大学科研项目(FRG-18-009-MSB)。
关键词
货币政策
银行价格竞争
企业金融化
融资环境
Monetary expansion
Bank price competition
Firm financialization
Financing environment
