金融资产配置与企业财务风险:“未雨绸缪”还是“舍本逐末”
Financial Asset Allocation and Financial Risks of Enterprises:“Precautions” or “Bartering”
DOI: 10.16538/j.cnki.jfe.2018.12.008
[1]黄贤环,吴秋生,王瑶.金融资产配置与企业财务风险:“未雨绸缪”还是“舍本逐末”[J/OL].财经研究,2018,44(12):100-112[2026-11-11].https://doi.org/10.16538/j.cnki.jfe.2018.12.008.
摘要
基于我国企业金融化趋势和实体经济“脱实向虚”可能带来系统性重大风险的背景,文章选择2007−2016年A股上市公司数据,研究了金融资产配置特征与企业财务风险之间的关系。研究发现:(1)金融资产配置总额越大,企业面临的财务风险越大。(2)持有短期金融资产能够降低企业面临的财务风险,表现为“蓄水池效应”,是“未雨绸缪”的活动;而持有长期金融资产则挤出了主业投资资金,表现为“挤出效应”,提升了企业面临的财务风险,是“舍本逐末”的行为。(3)金融资产配置增量与企业财务风险之间不存在显著关系。进一步研究发现,企业面临的融资约束越严重、越是紧缩的货币政策环境以及属于国有控股公司,则金融资产配置所引起的财务风险越大。文章的研究结论为理性认识金融化趋势下的金融资产配置,充分发挥金融化的积极效果,抑制“脱实向虚”可能带来的财务风险提供了经验证据。
Along with the problems of excessive capacity and declining investment returns of China’s real enterprises, more and more real enterprises are involved in the financial and real estate fields, allocating excessive financial assets, so as to obtain higher returns comparing with the main investment. The preference for virtual economy or excessive financialization will directly affect the financial status of enterprises. The existing research just involves the reasons of financial asset allocation of real business, economic consequences, and enterprise financial risk study alone. While the motivation of financial asset allocation of real enterprises is " preparing for a rainy day”, such as preventing possible financing constraints, unable to repay maturing debt and for other financial risk activities, or is " putting the cart before the horse” to seek profits, such as giving up main business investment and inhibiting innovation, there is no literature study currently. However, it is of great significance to correctly understand and effectively supervise the financialization of real enterprises, fully play the benign role of financial asset allocation, and effectively curb the disconfirmation of national economy. Based on the above, this paper selects the empirical data of China’s A-share listed companies from 2007 to 2016, and empirically tests the relationship between the total amount, term and other static dimensions of financial asset allocation and financial risks of enterprises. In general, the more financial assets a company has, the more serious financial risks it faces. Holding short-term financial assets can alleviate financial risks faced by enterprises and is manifested as the activity of " preparing for a rainy day”. Holding long-term financial assets aggravates financial risks of enterprises, which is an act of " putting the cart before the horse”. However, there is no evidence that the larger the increment of financial assets is, the easier it is to increase financial risks of enterprises. In addition, when enterprises are faced with higher financing constraints, tighter monetary policies and belong to the state-owned enterprise, the more financial asset allocation and long-term financial asset holdings they have, the easier it is to increase financial risks faced by enterprises. This paper gives three policy recommendations: (1)Real enterprises should reasonably grasp the limits of financial asset holdings based on their own free cash flow status and long-term development goals, and combined with the national macro-control policies. They should not hold too many and too-long-term financial assets due to the excessive pursuit of immediate interests. (2)When formulating the asset allocation strategy, enterprises should optimize the financial asset allocation structure and reasonably allocate the term of financial assets to better meet the capital needs of the enterprise’s main business. (3)Rational allocation of financial assets and prevention of financial risks should also take full account of the impact of financing constraints, property nature and monetary policies. The marginal contributions of this paper can be elaborated from three aspects: (1)It can further enrich relevant theories on financialization and reality-to-fiction, and provide empirical evidence and policy guidance for deepening China’s financial reform and national strategic transformation. (2)It provides necessary micro-level evidence for rational allocation of financial assets, curbing excessive financialization and preventing major systemic risks. (3)It provides necessary empirical evidence for reasonably distinguishing the financialization approach rather than blindly regarding financial asset allocation as a negative behavior. (4)It can guide enterprises to reasonably grasp the total amount, term and increment of financial asset allocation under different internal and external constraints.
关键词: 金融资产,财务风险,金融化,脱实向虚,融资约束