主业亏损企业更倾向于过度金融化吗？

于连超¹ 董晋亭² 毕茜³

（1.兰州大学管理学院；2.重庆大学经济与工商管理学院； 3.西南大学经济管理学院）

 

内容提要：本文立足主业亏损这一特殊场景，运用沪深A股上市公司2007—2020年的数据，探讨主业亏损企业过度金融化行为的成因、后果与治理。研究结果表明，主业亏损企业存在过度金融化行为。资金来源分析显示，在政府资源和信贷资源获取受限的情况下，主业亏损企业主要通过挤占主业生产投资和获取社会资本资源来过度金融化。影响机制探索显示，主业亏损企业主要通过外部扭亏压力机制和内在扭亏动力机制来过度金融化，表现为在机构投资者和债权人施加的外部扭亏压力与控股股东和高管员工自身的内在扭亏动力下，主业亏损企业更倾向于过度金融化。经济后果检验显示，主业亏损企业过度金融化行为会在短期内提升企业经营绩效，但会加剧股价崩盘风险。治理机制探讨显示，良好的金融环境和治理环境能够抑制主业亏损企业过度金融化行为。本文在理论上深化了企业过度金融化行为的认知，在实践上对于政府部门优化政策设计、投资主体控制投资风险、实体企业实现长远发展均具有重要的参考价值。

 

关键词：金融化；过度金融化；亏损；金融环境；治理环境

 

作者简介：于连超，兰州大学管理学院讲师，兰州，730000；董晋亭，重庆大学经济与工商管理学院博士研究生，重庆，400044；毕茜，西南大学经济管理学院教授，重庆，400715。

 

基金项目：国家社会科学基金重点项目“企业集团债务资本野蛮生长的识别机制与有效监管研究”（22AGL011）；教育部人文社会科学青年基金项目“现金股利承诺与投资者行为视角下强制性分红监管体制设计研究”（19YJC630013）；中央高校基本科研业务费专项资金资助项目“环境信用评价对企业环保投资的驱动机制研究”（22lzujbkydx027）

 

引用格式：于连超,董晋亭,毕茜.主业亏损企业更倾向于过度金融化吗?[J].经济与管理研究,2022,43(11):32-53.DOI:10.13502/j.cnki.issn1000-7636.2022.11.003.

　　

　　

Are Loss-making Companies in Main Business More Inclined to Over-financialize?

YU Lianchao¹, DONG Jinting², BI Qian³

(1. Lanzhou University, Lanzhou 730000;

2. Chongqing University, Chongqing 400044;

3. Southwest University, Chongqing 400715)

　　

　　Abstract: Based on the special scenario of main business losses, this paper explores the causes, consequences and governance of over-financialization behaviors of loss-making companies in their main businesses, using the data of A-share listed companies in Shanghai and Shenzhen stock markets from 2007 to 2020. It is found that there are over-financialization behaviors of these companies. The funding sources analysis shows that, with limited access to government resources and credit resources, these loss-making companies are over-financialized mainly by crowding out production investment in their main business and obtaining social capital resources. The influence mechanism reveals that these loss-making companies are over-financialized mainly through the external pressure mechanism and the internal motivation to reverse losses, which is manifested that these loss-making enterprises are more inclined to over-financialize under the external pressure exerted by institutional investors and creditors, as well as the internal motivation by controlling shareholders and senior management employees themselves. The economic consequences test indicates that the over-financialization of these loss-making companies can aggravate the risk of stock price collapse and enhance their business performance, but this enhancement is only effective in the short term. The governance mechanism explores that a favorable financial and governance environment can inhibit the over-financialization of these loss-making companies. Therefore, this paper may deepen the understanding of over-financialization behaviors of companies in theory, and provide important reference values for government to optimize policy design, investment entities to control risks and real enterprises to achieve long-term development in practice.

 

　　Keywords:  financialization; over-financialization; loss; financial environment; governance environment