实体企业扩大金融活动能够降低财务风险吗?

Can Entity Enterprises Reduce Financial Risk by Expanding Financial Activities?

中文关键词:  实体企业金融化  财务风险  主业竞争力  融资约束  流动性水平  产权性质

英文关键词:financialization of entity enterprises  financial risks  competitiveness of main business  financing constraints  level of liquidity  nature of ownership

中文摘要:

      近年来,资本的逐利性导致许多实体企业“脱实向虚”,引发了一系列风险问题。基于2007—2019年A股上市公司数据,实证检验了实体企业扩大金融活动对财务风险的影响。研究发现:我国实体企业扩大金融活动会加剧财务风险；特别是对高财务风险和主业具有竞争优势的实体企业,这种效应更加显著。机制分析结果显示,融资约束在企业扩大金融活动与财务风险关系中发挥了部分中介效用。进一步研究发现,企业配置金融产品的流动性水平不同,企业的产权性质不同,实体企业扩大金融活动对财务风险的影响均存在差异。因此,政府应继续深化供给侧结构性改革,完善引导经济“脱虚入实”的相关政策；企业应聚焦主业,着力发挥金融服务于主业的积极作用。

英文摘要:

      In recent years, the profit-seeking nature of capital has caused many entity enterprises to “turn from real economy to virtual economy”, and led to a series of risk problems. Based on the data of A-share listed companies from 2007 to 2019, this paper empirically examines the impact of expanding financial activities on financial risks in entity enterprises. The research finds that the expansion of financial activities in China's entities aggravates financial risks, particularly more significantly in those entities with high financial risk and with competitive advantages in their main business. The analysis of mechanism suggests that financing constraints play a part in mediating the relationship between expansion of financial activities and financial risks. Further study has found that the impacts of expanding financial activities on financial risk are different across firms with different levels of liquidity in financial product allocations and different nature of ownership. Therefore, government should deepen further the supply-side structural reform and improve the related policies to guide the economy to transform “from virtual economy to real economy”. Enterprises should focus on their main business and give full play to the positive role of finance in serving the main business. 