【作者】 杨玲；

【导师】 朱宏泉；

【作者基本信息】 西南交通大学 ， 工商管理， 2023， 博士

【摘要】 金融中介活动是指将资金从过剩方重新配置给缺乏资金,但拥有较好投资机会的一方的活动。公司金融中介活动包括金融资产持有及商业信用的提供。在后疫情和双循环的发展背景下,中国经济要巩固壮大实体经济根基,实现产业链现代化,不仅要解决企业“融资难”“融资贵”的问题,还应该避免实体企业“金融化”及“脱实向虚”。现有文献从金融中介活动的识别策略,公司金融化的动因、金融化对实体经济的影响等方面研究企业金融资产持有;从资源再分配理论和竞争理论的角度研究了商业信用提供,却少有文献从融资能力的角度研究企业的金融中介活动。本文基于中国A股上市公司的财务数据,从三个角度衡量企业的融资能力及其变化,即融资约束、银行股权投资以及控股股东股权质押,研究融资能力对金融资产持有及商业信用提供的影响,并进一步研究融资能力对金融资产持有,商业信用提供与银行贷款之间关系的影响。研究发现:第一,就金融资产持有而言,金融资产持有与银行贷款的关系因金融资产的类别不同而存在异质性,还因融资约束程度不同而存在门槛效应。本文根据金融资产收益波动性将金融资产分为固定收益类和非固定收益类金融资产,发现在套利动机的作用下,公司的固定收益类金融资产与银行贷款正相关,非固定收益类金融资产与银行贷款负相关。更进一步,本文发现低、中、高融资约束公司的固定收益类金融资产与银行贷款均正相关,且中度融资约束公司的金融中介活动更为显著;低、高融资约束公司的非固定收益类金融资产与银行贷款负相关,而中度融资约束公司的非固定收益类金融资产与银行贷款正相关。对于公司商业信用提供而言,商业信用的提供与银行贷款的关系因融资约束程度不同而存在门槛效应。具体地,控制公司的竞争力差异后,低、高融资约束公司提供商业信用的资金显著地来源于银行贷款,但中度融资约束公司却不存在这种特征,同时高融资约束公司的净商业信用提供与银行贷款显著正相关。进一步检验发现,高融资约束公司出于加速运营资本周转率以回收现金的动机而提供更多商业信用。第二,银行股权投资(公司持有银行股权)对不同类别的金融资产持有存在异质性影响,既表现出资源效应,又表现出治理效应。一方面,银行股权投资通过提升公司的融资能力,为公司带来资源效应,促进银行股权投资企业持有风险更高的非固定收益类金融资产。另一方面,银行股权投资通过提升公司披露质量抑制公司使用银行贷款持有具有关联交易性质的固定收益类金融资产,负向调节企业的金融资产持有与银行贷款的关系。就商业信用提供而言,上市公司对银行进行的长期股权投资实质上是一种金融化行为,在金融业及金融资产收益率居高不下的背景之下,通过提高公司金融资产投资水平及投资收益,提高公司整体竞争能力等机制对商业信用的提供造成挤出效应。且这种挤出效应在非国有企业之中更为显著。原因在于与国有企业相比,非国有企业套利动机更强,因而投资更多的金融资产,所以对商业信用的挤出效应更强。第三,控股股东股权质押对不同类别的金融资产持有存在非线性影响。一方面,在市值管理的动机下,最小二乘回归表明控股股东股权质押与固定收益类金融资产正相关;但是分位数回归表明随着质押比例的上升,在套利动机越强的企业中,股权质押与固定收益类金融资产持有的正相关关系的程度越低。另一方面,最小二乘法回归表明控股股东股权质押与非固定收益企业金融资产负相关,但是随着融资约束程度加重,分位数回归系数表现出先下降、后回升的趋势。这表明当质押比例上升,融资能力下降,降低套利动机更强的企业的套利性固定收益类金融资产持有,而增加防御性动机更强的企业的非固定收益类金融资产储备。控股股东股权质押与商业信用提供存在倒U型关系,在市值管理动机之下,控股股东股权质押在临界点(质押比例40%)左侧促进商业信用的提供,在临界点右侧抑制商业信用的提供。市值管理动机和融资能力下降的双重约束是倒U型关系的成因。进一步检验表明这种倒U型关系在非国有企业中显著,而国有企业股权质押与商业信用的提供仅表现出负相关关系。原因在于国有企业控制权转移的风险低,其利用商业信用管理市值的动机低,因此,股权质押与商业信用提供的关系仅受到融资能力下降的影响。论文立足于我国经济转型,强化实体经济根基的背景,研究金融业与实业发展失去均衡的情况下,企业是否存在金融中介活动及其动机,研究融资能力对企业金融中介活动的影响以及机理。从理论层面而言,从融资约束的角度丰富了企业金融资产持有、商业信用提供的研究。使用固定效应面板门槛模型、分位数回归、二次回归方程等方法,研究了不同融资能力的公司金融化及商业信用提供的异质性,对当前主要基于线性关系考虑融资约束对金融中介活动的文献做出了补充。从实践层面而言,对金融机构评估和监管银行贷款资金去向,对企业金融资产投资及经营活动提供理论支持。更多还原

【Abstract】 Financial intermediary activities,which involves the transfer of funds from parties that have more funds than investment opportunities to parties that have better investment opportunities but lack funds.Firms’ financial intermediary activities include holding of financial assets and providing of trade credit.In the context of post-epidemic and dual-cycle development,in order to consolidate and strengthen the foundation of the real economy and enhance the competition ability of the industrial chain,China’s economy must not only solve the problems of "financing difficulty" and "expensive financing" for enterprises,but also avoid the "financialization" of real enterprises.Existing literature studies corporate financialization and intermediary activities from the aspects of identification strategies of financial intermediary activities,the reasons for firms’ financialization and their impact on the real economy.From the perspective of resource redistribution theory and competition theory,the literature studies the provision of trade credit,but few literatures study the financialization and intermediary activities of enterprises from the perspective of financing ability.Based on the financial data of China’s A-share listed companies,this paper divides financial assets into fixed-income and non-fixed-income financial assets according to their volatility,and studies the financial intermediary activities of Chinese listed companies;and this paper measures firms’ financial capability from three perspectives,which are financial constraints,bank equity ownership,share pledge by controlling shareholders,and study the impact of financing ability on corporate financialization and intermediary activities.The study found:First,there is heterogeneity in corporate financial intermediation activities due to different types of financial assets.And further,we use the fixed-effect panel threshold model to find that financial constraints have a threshold effect on corporate financial intermediation activities.Firstly,under the influence of arbitrage motives,fixed-income financial assets are positively correlated with bank loans,and non-fixed-income financial assets are negatively correlated with bank loans.Secondly,financial intermediary activities have a threshold effect due to different levels of financing constraints.Fixed-income financial assets with low,medium,and high financing constraints are positively correlated with bank loans,while the financial intermediary activities in companies with medium financial constraints are more significant;The non-fixed-income financial assets of firms with high financial constraints are negatively related to bank loans,while the non-fixed-income financial assets of companies with medium financial constraints are positively related to bank loans.And the provision of commercial credit in firms with both low and high financial constraints is significantly positively correlated with bank loans.Since the provision of commercial credit can speed up the inventory-trade credit provision-cash recovery process,firms with high financing constraints provide more commercial credit due to precautionary motives.Second,bank equity investment has a heterogeneous impact on the holdings of different types of financial assets.On the one hand,bank equity investment brings resource effects to the company’s financial intermediary behavior by improving the company’s financing capacity,and promotes the holding of non-fixed-income financial assets and financial intermediary activities.On the other hand,bank equity investment improves the company’s disclosure quality channel,and holding of fixedincome financial assets and financial intermediary activities with the nature of connected transactions shall be suppressed.Further,the long-term bank equity investment of the listed firms is also a kind of financial investment in essence.Under the background of the high profit of the financial industry,by improving firms’ financialization,the investment income,and the overall competitiveness of the company,bank equity investment has a crowding out effect on the provision of trade credit.Third,there is a non-linear relationship between share pledge by controlling shareholders and the financial asset holding and the provision of trade credit.Using quantile regression,this paper reveals that the controlling shareholder’s equity pledge is positively correlated with fixed-income financial assets,but as the degree of financing constraints increases with the increase of pledge ratio,the quantile regression coefficient gradually decreases.It is negatively correlated with the non-fixed income financial,and the quantile regression shows that firms with more financial friction hold relatively more non-fixed income financial assets.Using the quadratic term model,this paper finds that there is an inverted U-shaped relationship between equity pledge and the provision of trade credit.The provision of trade credit is improved on the left side of the critical point of equity pledge rate,and reduced on the right side of the critical point.Based on the background of the country’s economic transformation and strengthening the foundation of the real economy,the paper studies the impact and mechanism of financing capacity on corporate financial intermediary activities.At the theoretical level,it enriches the research on corporate financialization,financial intermediary behavior,and trade credit provision from the perspective of financial constraints theory.Moreover,we use the fixed-effect panel threshold model,quantile regression,quadratic regression,and other methods to study the heterogeneity of corporate financial intermediation activities,which supplements the current linear literature considering financing constraints on financial intermediation.更多还原