企业“脱实向虚”的动机及系统性金融风险影响——来自上市公司金融业股权投资的证据

发布时间：2018-03-22 12:47

本文选题：实体经济　切入点：上市公司　出处：《广东财经大学学报》2017年04期 　论文类型：期刊论文

【摘要】：利用2007年~2015年非金融非房地产行业(NFRE)上市公司数据,实证检验金融业股权投资总额对银行体系、股票市场和金融体系金融风险的影响。研究发现:金融业股权投资会导致上市公司从银行体系过度融资,说明上市公司会利用正规金融渠道的融资优势及对中小企业的信息优势从银行体系套取资金,投资金融业企业赚取利润;由于银行体系对上市公司的信息对称程度较高,还款风险较低,上市公司从银行体系过度融资来投资金融股权并不会增加银行体系的金融风险;上市公司"脱实向虚"的金融业股权投资行为,使资金从实体经济回流到金融体系,造成虚拟经济的过度膨胀,提升了股票市场风险以及金融体系的系统性风险。因此,政府应加强对实体上市公司的投融资监管,合理引导资金流向实体经济,以减少实体企业的融资成本,降低经济运行的系统性金融风险。
[Abstract]:Based on the data of non-financial non-real estate industry listed companies from 2007 to 2015, this paper empirically tests the total equity investment of the financial industry to the banking system. The impact of financial risks in the stock market and the financial system. The study found that equity investments in the financial sector can lead to excessive financing of listed companies from the banking system. It shows that listed companies will take advantage of the financing advantages of formal financial channels and the advantages of information to small and medium-sized enterprises to draw funds from the banking system and invest in financial industry enterprises to earn profits; because the banking system has a higher degree of information symmetry to listed companies, The repayment risk is relatively low, the listed companies investing in financial shares from excessive financing in the banking system will not increase the financial risks of the banking system. The reflux of funds from the real economy to the financial system leads to the excessive expansion of the virtual economy, which raises the risk of the stock market and the systemic risk of the financial system. Therefore, the government should strengthen the supervision of the investment and financing of the entity listed companies. In order to reduce the financing cost of real enterprises and reduce the systemic financial risk of economic operation, we should guide the capital flow to the real economy reasonably.
【作者单位】：上海财经大学金融学院;
【基金】：上海市哲学社会科学规划课题(2014BJB013)
【分类号】：F832.51

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