|本期目录/Table of Contents|

[1]刘永模,黄静如.企业金融化对实业投资的抑制——基于A股上市公司的经验证据[J].集美大学学报(哲学社会科学版),2019,22(03):55-61.
 LIU Yong-mo,HUANG Jing-ru.The Suppression Effect of Corporate Financialization on Industrial Investment——Based on the Empirical Evidence from A-share Listed Companies[J].philosophy&social sciences,2019,22(03):55-61.
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企业金融化对实业投资的抑制——基于A股上市公司的经验证据(PDF)
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《集美大学学报》(哲学社会科学版)[ISSN:1006-6977/CN:61-1281/TN]

卷:
22
期数:
2019年03期
页码:
55-61
栏目:
出版日期:
2019-07-28

文章信息/Info

Title:
The Suppression Effect of Corporate Financialization on Industrial Investment——Based on the Empirical Evidence from A-share Listed Companies
作者:
刘永模1黄静如12
(1.集美大学财经学院,福建 厦门 361021;2.集美大学海西经济运行效率与风险测评研究中心,福建 厦门 361021)
Author(s):
LIU Yong-mo1HUANG Jing-ru12
(1.Finance and Economics College,Jimei University,Xiamen 361021,China;2.Research Center for Haixi Economic Operation Efficiency and Risk Assessment,Jimei University,Xiamen 361021,China)
关键词:
企业金融化实业投资挤出效应财务指标重构
Keywords:
corporate financializationcorporate real investmentcrowding out effectfinancial indicator reconstruction
分类号:
-
DOI:
-
文献标志码:
A
摘要:
基于现金流量表逻辑,构建业务资产率和企业金融化测度指标,对A股上市公司2008-2017年的财务报表数据进行实证检验,经定量分析发现:企业金融化在一定程度上具有投资替代效应,抑制了企业实业投资。上述结论从微观企业视角为防范系统性金融风险提供了经验证据,意在拓展和深化企业金融化的经济后果研究。
Abstract:
Based on the cash flow statement logic,the business asset rate and corporate financialization measurement indicators were constructed,and the financial statements of A-share listed companies in 2008-2017 were empirically tested.After a quantitative analysis,it was found that enterprise financialization was a substitution of investment to a certain extent.The effect inhibited corporate investment.The conclusions above provides an empirical evidence for preventing systematic financial risks from the perspective of micro-enterprises,and helps to expand and deepen the research on the economic consequences of corporate financialization.

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更新日期/Last Update: 2019-08-31