【作者】 曾璐；

【导师】 苏冬蔚；

【作者基本信息】 暨南大学 ， 经济学 金融硕士（专业学位）， 2020， 硕士

【摘要】 伴随着金融化程度不断加深,这种非传统的投资形式带来的变化对企业产生了深远的影响。在这样的背景下,本文试图探究金融化投资行为对实物期权价值的影响,以此为促进实体产业健康长远发展提供一些建议。本文以2005-2018年所有非金融上市公司为样本,构建Tobit回归模型,实证检验上市公司金融化投资行为与实物期权价值之间的关系,并进行了丰富的异质性分析。本文的研究发现,上市公司金融化投资行为显著降低了企业的实物期权价值,表现为业绩上行潜力下降,业绩下行风险上升,经稳健性检验后,结论依旧成立。对于代理成本较高、所处外部金融市场环境较差的公司,金融化对实物期权价值的负向影响增强。另外,从不同类型的企业来看,国有企业金融化对实物期权价值的负向影响比非国有企业更明显。本文的研究结论表明,国家应努力推进实体经济转型升级,提高实业投资回报率;相关政府部门应进一步改善外部金融市场环境,加强金融监管;实体企业自身应该将重心放在传统生产经营领域而非金融领域,合理配置金融资产,进一步提高公司内部治理的有效性,努力改善企业的长远盈利能力。更多还原

【Abstract】 With the deepening of financialization,the changes brought about by this non-traditional form of investment have a profound impact on enterprises.In this context,this article attempts to explore the impact of financialized investment behavior on the value of real options,so as to provide some suggestions for promoting the healthy and long-term development of the real industry.This article takes all non-financial listed companies from 2005 to 2018 as samples,constructs a Tobit regression model,empirically tests the relationship between listed companies’ financial investment behavior and real option value,and conducts rich heterogeneity analysis.The research in this paper finds that the financial investment behavior of listed companies has significantly reduced the value of real options,which is reflected in the decline in upside potential of performance and the increase in downside risk of performance.After the robustness test,the conclusion is still valid.For companies with high agency costs and poor external financial market environment,the negative impact of financialization on the value of real options has increased.In addition,from the perspective of different types of enterprises,the negative impact of the financialization of state-owned enterprises on the value of real options is more obvious than that of non-state-owned enterprises.The conclusion of this paper shows that the state should work hard to promote the transformation and upgrading of the real economy,and improve the return on industrial investment.Relevant government departments should further improve the external financial market environment and strengthen financial supervision.The entity itself should focus on the traditional production and operation field rather than the financial field,rationally allocate financial assets,further improve the effectiveness of the company’s internal governance,and strive to improve the long-term profitability of the enterprise.更多还原