上市公司金融化的财务影响研究

发布时间：2018-01-10 06:12

本文关键词：上市公司金融化的财务影响研究　出处：《北京科技大学》2016年博士论文　论文类型：学位论文

【摘要】：金融化是二十世纪八十年代以来全球经济发展的一个重要趋势,分析非金融上市公司金融化及其财务影响具有重要的理论意义和实践价值。在继承前人成果的基础上,本文将上市公司金融化定义为“金融活动、金融机构和金融技能在非金融上市公司经营管理中的重要性日益增加”,继而创造性的提出了从资产、股权以及管理层三个维度计量企业金融化的方法,从而显著改善了已有文献中对微观层面金融化的计量,为研究金融化对非金融上市公司的影响,开辟了新的路径。主要研究内容及结论如下：第一,首次使用我国上市公司数据验证了Stockhammer(2004)、Crotty (2005)、Orhangazi(2008)等学者关于资产金融化对资本开支存在抑制效应的研究结论,即两者的负相关具有国际共性；探索性的发现管理层金融化显著正向影响资本开支；股权金融化对资本开支的影响不显著。此外,通过构建和估计面板门限模型,首次发现我国上市公司资产金融化、股权金融化和管理层金融化对资本开支的影响都存在门限效应。第二,在Flannery Rangan(2006)、黄辉(2010)等学者对资本结构的研究模型基础上,创新性的加入金融化变量,研究了资产、股权及管理层金融化对资本结构及其动态调整的影响。考虑到可能的内生性问题,构建了静态和动态的面板模型,实证发现上市公司金融化程度显著负向影响资本结构;资产金融化、股权金融化都显著正向影响资本结构动态调整速度,而管理层金融化只对按市值计量的资本结构动态调整速度产生正向显著影响。第三,参考Jensen Meckling(1976)、苏治和连玉君(2011)等学者有关公司价值的模型,用随机前沿模型修正的Tobin's Q作为公司价值的代理变量,创新性的研究了资产、股权及管理层金融化对公司价值的影响。考虑到可能的内生性问题,构建了静态和动态的面板模型,发现我国上市公司资产金融化与公司价值呈“倒U型”关系,即过低和过高的资产金融化都会降低公司价值；股权金融化显著正向影响公司价值；管理层金融化对公司价值的影响不显著。在得出上述结论的同时,本文还分别给出了理论解释及与直觉逻辑推断结果有差异的可能原因。本论文通过构建模型研究上市公司金融化对资本开支、资本结构及其动态调整、公司价值的影响,深化了微观层面金融化及其后果的研究,对我国上市公司的金融化实践具有一定的理论与实践指导意义。
[Abstract]:Financialization is an important trend of global economic development since 1980s. It is of great theoretical significance and practical value to analyze the financialization of non-financial listed companies and its financial impact. On the basis of inheriting the previous achievements, this paper defines the financialization of listed companies as "financial activities". Financial institutions and financial skills are becoming more and more important in the management of non-financial listed companies, and then creatively put forward a method to measure the financialization of enterprises from the three dimensions of assets, equity and management. It has improved the metrology of micro-level financialization and opened up a new way to study the impact of financialization on non-financial listed companies. The main research contents and conclusions are as follows: first. It is the first time to use the data of listed companies in our country to verify the Stockhammerian 2004 Crotty 2005). Orhangaziao (2008) and other scholars on the capital expenditure of the financialization of assets have inhibition effect, that is to say, the negative correlation between the two has the international commonality; Exploratory findings management financialization significantly positively affects capital expenditure; The impact of equity financialization on capital expenditure is not significant. In addition, through the construction and estimation of panel threshold model, it is the first time to find the financialization of assets of listed companies in China. The impact of equity financialization and management financialization on capital expenditure has a threshold effect. Second, in Flannery Ranganli 2006). On the basis of the research model of capital structure, the author innovatively adds financial variables to study assets. The impact of equity and management financialization on the capital structure and its dynamic adjustment. Considering the possible endogenous problems, the static and dynamic panel models are constructed. It is found that the degree of financialization of listed companies has a significant negative impact on the capital structure. Capital financialization and equity financialization have a significant positive impact on the speed of the dynamic adjustment of capital structure, while management financialization only has a positive and significant impact on the dynamic adjustment rate of capital structure measured by market value. Third. Refer to Jensen Mecklingi 1976C, Suzhi and Lian Yujun 2011) and other scholars on the model of corporate value. Using the stochastic frontier model modified Tobin's Q as the proxy variable of company value, this paper studies the assets innovatively. The impact of equity and management financialization on corporate value. Considering the possible endogenous problem, a static and dynamic panel model is constructed. It is found that there is a "inverted U" relationship between the financialization of assets and the value of the listed companies in our country, that is, too low and too high financialization of assets will reduce the value of the company. Equity financialization has a significant positive impact on corporate value; The impact of management financialization on the value of the company is not significant. This paper also gives the possible reasons for the difference between the theoretical explanation and the intuitionistic logic inference. This paper studies the capital expenditure, capital structure and its dynamic adjustment of listed companies by constructing a model. The influence of company value deepens the research on the microcosmic level of financialization and its consequences, which has certain theoretical and practical guiding significance for the financialization practice of listed companies in China.
【学位授予单位】：北京科技大学
【学位级别】：博士
【学位授予年份】：2016
【分类号】：F275

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