产品市场竞争、竞争地位与企业金融资产配置

实体经济脱实向虚的微观表现就是企业金融化,而产品市场竞争程度和企业所处的竞争地位无疑是影响企业金融化的一个重要因素。本文选取2007~2018年我国A股非金融类上市公司的经验数据为样本,实证检验了产品市场竞争程度和企业竞争地位对企业金融资产配置的影响。结论表明:产品市场竞争程度和企业竞争地位与企业金融资产配置均呈正相关关系,产品市场竞争的加剧和企业竞争地位的提升都会增加企业金融资产配置规模。进一步的分析还发现:企业竞争地位在产品市场竞争程度与企业金融资产配置的关系中起到了反向的交互作用,而且竞争地位高的企业更倾向于配置金融资产,市场套利动机是企业进行金融资产配置的主要动因。因此,应降低行业进入壁垒和行业集中度,加强对企业融资后资金去向的监管,缓解企业融资难融资贵困境,提高实体经济活动的投资回报率。

On the Impact of Product Market Competition and Competitive Position on the Allocation of Enterprise Financial Assets

The financialization of enterprises is the display of the real economyshifting from real to fictitiousin a microcosmic way,and the degree of product market competition and the competitive position of enterprises are undoubtedly important factors affecting the financialization of enterprises.Using data of China’s allAshare non-financial listed companies from 2007 to 2018 as the research sample,this paper empirically examines the relationship among the impact of product market competition and enterprise competitive position on the allocation of financial assets of enterprises.This paper discovers that the degree of product market competition and the competitive position of enterprises are positively correlated with the financial asset allocation of enterprises.The intensification of product market competition and the promotion of the competitive position of enterprises will increase the scale of financial asset allocation of enterprises.Further analysis also finds that the competitive position of enterprises plays a reverse interaction role in the relationship between the degree of product market competition and the allocation of financial assets of enterprises,and the enterprises with high competitive position tend to allocate financial assets.Market arbitrage is the main motivation of enterprises’financial assets allocation.Therefore,it is necessary to reduce the industry barriers to entry and the concentration of industries,strengthen the supervision of the direction of funds after financing,ease the difficulty of financing and increase the return on investment of real economic activities.