【作者】 王辉；

【导师】 马超； 张正宗；

【作者基本信息】 东北财经大学 ， 金融硕士（MF）（专业学位）， 2023， 硕士

【摘要】 近年来,随着中国经济发展模式从粗放式发展转向高质量发展,我国实体企业的主营业务收益逐渐收缩,经营业绩波动也逐步加大。对于企业而言,业绩波动增大了企业收益的不稳定,增大了企业投融资决策的难度,影响投资者对于企业发展的判断,不利于企业的稳健经营;对于高管而言,业绩波动会造成企业高管薪酬下降,而且影响企业内外部对高管的评价。为减少业绩波动对企业及高管造成的不利影响,企业高管有充足动机平抑企业业绩波动,维持企业稳健经营。随着我国金融市场的快速发展,实体企业的金融投资行为日益增多,造成资金从实业领域流向金融领域。实体企业金融化的现象引起了学术界的广泛关注,由于金融行业与实体行业的行业周期不同,当前金融行业收益率更高,企业可以利用金融投资的高收益来弥补实体投资的收益下降,最终达到平抑企业业绩波动的目的。本文考察企业高管是否会出于平抑业绩波动的目的进行金融投资,进而提升企业金融化水平。针对实体企业金融化水平的不断提高,本文研究企业业绩波动对金融化水平的影响。本文以2013-2021年沪深A股主板非金融类上市公司为研究对象,对本文的研究假设进行了实证检验。研究发现:业绩波动比较大的企业,从事金融投资比较多,金融化水平比较高。此研究结论支持本文的研究假设,即企业高管为了平抑企业的业绩波动,维持企业业绩水平的稳定,利用金融投资和实业投资之间存在的利润差,加大金融投资的力度,最终造成了企业金融化水平的提高。本文在上述研究的基础上,进行了进一步的分析,研究发现:企业产权性质会对业绩波动增大企业金融化的作用产生影响,具体表现是,相对于非国有企业,国有企业在业绩波动增大时,金融化水平的提高更加明显;高管的金融背景可以加强业绩波动对于企业金融化的影响,企业高管在具备金融背景时,业绩水平的波动对于促进企业金融化的作用更强;对于上市公司的媒体报道也能加强企业业绩波动对金融化的影响,在媒体报道的数目比较多的企业中,业绩波动增大时,企业金融化水平会更显著的提高。本文的研究意义在于:从理论方面来说,本文丰富了业绩波动影响的相关研究以及实体企业金融化影响因素的相关研究,还提供了从高管参与公司治理的角度来研究企业金融化问题的新视角。从实践方面来说,本文有助于监管机构厘清实体企业金融化的动机,以加强监管机构对于实体企业参与金融投资的监管,从而有利于实体经济的持续健康发展,使得金融更好的发挥服务实体经济的功能。更多还原

【Abstract】 In recent years,as China’s economic development model has shifted from extensive development to high-quality development,the main business income of Chinese physical enterprises has gradually shrunk,and the fluctuation of business performance has also gradually increased.For enterprises,performance fluctuations increase the instability of corporate profits,increase the difficulty of investment and financing decisions,affect investors’ judgment on the development of the enterprise,and are not conducive to the stable operation of the enterprise;For executives,performance fluctuations can lead to a decrease in executive compensation and affect the evaluation of executives both internally and externally.To reduce the adverse impact of performance fluctuations on enterprises and executives,executives have sufficient motivation to suppress performance fluctuations and maintain stable business operations.With the rapid development of China’s financial market,the financial investment behavior of physical enterprises is increasing,causing funds to flow from the physical sector to the financial sector.The phenomenon of financialization of physical enterprises has attracted widespread attention in the academic community.The industry cycle of the financial industry is different from that of the physical industry,and the current return rate of the financial industry is higher.Therefore,enterprises can use the high return of financial investment to compensate for the decline in return on physical investment,ultimately achieving the goal of suppressing corporate performance fluctuations.This article examines whether corporate executives will make financial investments for the purpose of suppressing performance fluctuations,leading to an increase in the level of corporate financialization.Research has found that companies with significant performance fluctuations engage in financial investments and have a higher level of financialization.Faced with the continuous improvement of the financialization level of physical enterprises,this article examines the impact of corporate performance fluctuations on the financialization level.This article takes non-financial listed companies on the Shanghai and Shenzhen A-share mainboards from 2013 to 2021 as the research object,and empirically tests the research hypothesis of this article.Research has found that companies with significant performance fluctuations engage in more financial investments and have a higher level of financialization.This research conclusion supports the hypothesis of this article,which is that in order to suppress performance fluctuations and maintain the stability of the company’s performance level,executives increase financial investment,ultimately resulting in an increase in the level of enterprise financialization.Based on the above research,this article conducts further analysis.Research has found:the nature of corporate ownership will affect the relationship between increased performance volatility and corporate financialization Specifically,compared to nonstate-owned enterprises,state-owned enterprises have a more significant improvement in the level of financialization when performance volatility increases;The financial background of executives can strengthen the impact of performance fluctuations on corporate financialization.When executives have a financial background,the fluctuation of performance level has a stronger role in promoting corporate financialization;Media coverage of listed companies can also strengthen the impact of corporate performance fluctuations on financialization.Among companies with a large number of media coverage,when performance fluctuations increase,the level of corporate financialization will be more significantly improved.The research significance of this article lies in:from a theoretical perspective,it enriches the relevant research on the impact of corporate performance fluctuations and the factors affecting the financialization of physical enterprises.It also provides a new perspective to study the issue of corporate financialization from the perspective of executive participation in corporate governance.From a practical perspective,this article helps regulatory authorities clarify the motivation for the financialization of physical enterprises,in order to strengthen their supervision of their participation in financial investment,which is conducive to the sustained and healthy development of the real economy and enables finance to better serve the real economy.更多还原