金融资产配置对企业经营绩效的影响研究

为探究企业金融资产配置的逐利性动机，本文从金融资产异质性视角研究了金融资产配置对实体企业经营绩效的影响。研究发现:金融资产配置能促进企业提升经营绩效。短期性金融资产配置对企业经营绩效具有促进作用，长期性金融资产配置对企业经营绩效具有抑制作用。两种作用中短期性金融资产的促进作用居主导地位。进一步的影响机制分析发现，短期性金融资产配置通过缓解融资约束和提升投资收益率途径促进企业经营绩效的提升，长期性金融资产配置通过挤出实体投资抑制企业经营绩效的提升。

Research on the Influence of Financial Asset Allocation on Enterprise Business performance: The perspective of financial asset heterogeneity

In order to explore the profit-seeking motives of corporate financial asset allocation, this paper studies the impact of financial asset allocation on the business performance of entity companies from the perspective of financial asset heterogeneity. The paper finds that the allocation of financial assets can promote enterprises to improve their operating performance. Short-term financial asset allocation can promote business performance, while long-term financial asset allocation has a restraining effect on it. However, the promotion of short-term financial assets plays a dominant role between them. In the further analysis of the impact mechanism, this paper finds that short-term financial asset allocation promotes the improvement of corporate operating performance by alleviating financing constraints and increasing investment yield, while long-term financial asset allocation inhibits the improvement of corporate operating performance by squeezing out physical investment.