【作者】 张瑾；

【导师】 胡奕明；

【作者基本信息】 上海交通大学 ， 会计学， 2013， 硕士

【摘要】 一般而言，在资本市场上的投资者可以分为两类：机构投资者和个人投资者。然而在中国，还有第三类投资者存在，那就是上市公司自己。金融业上市公司主业就是进行金融类投资，但是非金融业上市公司应当作为资本市场上资金的获得者，从资本市场融资，以进行实体经济上的投资。但是现在，上市公司将资金投入资本市场，期望短期谋求高额利润。此举受到国内国际关注。然而学术界对上市公司金融投资行为的关注却远远不够。这部分是因为上市公司大规模进行证券投资，乃至于荒废主业的情况在成熟的资本市场上极为少见。也有部分是因为目前没有关于如何计量企业金融资产规模的一致意见，金融资产规模的难以计量导致这方面研究难以进行。笔者依照中国注册会计师协会对金融资产和经营资产进行界定的指导意见，参考新旧企业会计准则，计算上市公司的金融资产规模，并且创造性同时使用金融资产的相对规模和绝对规模作为研究对象，探求影响非金融业上市公司金融资产持有规模的因素。研究有如下发现：经营活动状况较好的企业倾向于持有较少的金融资产，这说明企业并非盲目热衷资本投资，而是因为实体经济状况不佳才不得不转向金融投资。有国有背景的上市公司持有较少的金融资产，这是因为国有企业需要通过扩张经营活动规模来完成政治上的任务，同时国有企业的管理层也较为厌恶风险。上市公司投资金融资产的能力受到内部和外部融资约束的双重影响。企业盈利状况越好，金融投资规模越大。企业资产负债率越高，金融投资规模越小。市场对上市公司通过金融投资获取的盈利并不认可，上市公司的市场价值与其金融资产规模显著负相关。这可能是因为这些金融投资偏离主营业务，甚至与主营业务毫无关系，而且颇具风险。企业过多金融投资有损害其主业发展的风险。宏观变量会影响到上市公司的金融投资。基准利率与金融资产规模显著负相关。此外，宏观流动性水平越高，企业金融资产规模越大。资本市场越繁荣，企业所持金融资产规模也越大。这就是说，宏观变量通过影响融资约束和金融资产收益率来影响企业所持金融资产规模。本文提出如下建议：为实体经济发展创造良好的环境，才能促使上市公司回归生产经营活动。单纯地通过法度约束金融投资行为不能有效解决问题。修改现在的会计准则，不再设立可供出售金融资产这一及其容易被用作盈余管理的科目，对委托理财和委托贷款的资产划分做出明确规定。更多还原

【Abstract】 In capital market, investors could usually be divided into two groups:institutional investors and household investors. While in China, a third groupof investors, listed companies themselves, are very active in the capitalmarket. It is true that financial organizations take financial investment to earnprofit. But for non-financial companies, capital market provides fund forthem to take real investment. Nowadays, listed non-financial companies,willing to earn short-term high profit, actively invest in the capital market.This phenomenon attracts many people in and out of China.But researchers do not pay much attention to corporate financial assetsholding of non-financial listed companies, partly because this phenomenon isChina-specific, partly because lacking of consensus on how to estimate sizeof financial assets.According to the guiding opinions of China Certified Public AccountantAssociation, I designed a formula to calculate size of financial assets, by using the old and the new Accounting Standards for Business Enterprises.Creatively, I use both the absolute size and the relative size of financial assetsas proxies of financial assets scale, to explore factors influencing financialassets scale.By taking empirical test, I found that:Firms with preferable operating circumstance hold fewer financial assets.So, these firms do not blindly take financial investment. It is the badcondition of operating activities that push them to switch to financial market.Firms with state shareholders hold relatively fewer financial assets, becausethe state want these firms to expand operating activities, providing more jobsand stabilizing the society, and because managers of state-controlledcompanies are relatively risk-reverse.Financial investment of non-financial listed companies is influenced byinternal and external financial constraints. With high profitability and lowleverage, the company will take more financial investment.The market does not recognize profit from financial investment as thatfrom real investment. The market value of company is negatively related tofinancial assets scale. This is because the financial investment is not relatedto core business, and is risky. Excessive financial investment may hurt corebusiness. Macro factors also influence financial investment. The benchmarkinterest rate is negatively related to financial assets scale. Besides, companieshold more financial assets, when faced with high macro liquidity andprosperous security market. Macroeconomic factors influence financial assetsholding, by influencing financial constraints and financial assets profitability.This paper makes the following suggestions:Only by creating suitable environment for operating activities, could thegovernment encourage listed companies to focus on core business again.Issuing regulation to discouraging financial investment would not beeffective.The Ministry of Finance should modify the accounting standards forfinancial assets recognition. Earning management could easily take use of theaccount of Financial Assets Available for Sale. Besides, there should be clearguidance on how to recognize entrust loans and financial products.更多还原