Journal of Management Sciences in China
1672-0334
2020
23
12
91
109
article
融资约束与实体企业金融化
Financial constraints and real sector firms’financialization
本文构建了纳入融资约束的实体企业投资组合选择模型，以刻画融资约束下实体企业的金融和实业两类资产的投资组合选择决策． 理论模型表明，实业投资的相对风险大小、金融资产收益率与负债利息率之差以及固定资产收益率与负债利息率之差均会影响融资约束企业的金融资产投资占比，前两者表现为正向推动，后者表现为负向抑制，并且金融资产收益率与负债利息率之差的正向影响大于固定资产收益率与负债利息率之差的负向影响． 本文使用1998年～2009年中国非上市实体企业作为样本进行实证研究，结果与理论模型相一致． 本文理论模型和实证结果都表明，金融资产收益率的上升比固定资产收益率的下降更能够推动融资约束企业的金融化．
This paper constructs a portfolio choice model to depict the portfolio selection decisions in fixed investments and financial investments made by real sector firms under financing constraints． The theoretical model shows that the relative risk of fixed investment，the difference between the adjusted rate of return of financial assets and the interest rate on liabilities，the difference between the adjusted rate of return of fixed assets and the interest rate on liabilities all affect the portfolio choice decisions of firms with financing constraints． The former two factors promote the financial investment，while the third one suppresses the financial investment． The influence of the second factor is larger than the third one． Moreover，the difference between the rate of return on financial assets and the rate of interest on liabilities has a greater impact than the difference between the rate of return on fixed assets and the rate of interest on liabilities． The paper uses firm-level panel data of non-listed real sector firms from 1998 to 2009 for the empirical research，and finds that the influencing factors of the financial assets’ratio in the portfolio of non-listed real sector firms are consistent with the factors proposed by the theoretical model． Through the theoretical model and the empirical results，this paper shows that the rise of the rate of return on financial assets can promote the financialization of financial-con-strained firms to a greater extent than the decline of the rate of return on fixed assets．
投资组合; 金融资产; 融资约束; 非上市企业
portfolio; financial investment; financing constraint; non-listed firms
周弘,张成思,唐火青
ZHOU Hong, ZHANG Si-cheng, TANG Huo-qing
jmsc/article/abstract/20201207