企业金融化对企业价值的影响——兼论过度金融化识别与治理

文章利用2008-2019年沪深两市A股公司数据,对企业金融化与企业价值的关系进行研究。研究发现：企业金融化对于企业价值影响效应与企业金融化水平有关,当企业金融化水平较低时,金融化对企业价值产生正面影响;当企业金融化水平过度时,金融化对企业价值产生负面影响,企业金融化对企业价值的影响效应表现为"倒U型"关系。特别的,将企业按照产权属性和行业属性进行分组,研究不同企业的金融化对企业价值的影响效应,可以看出企业金融化对于企业价值的影响也表现出异质性。另外,采用局部调整模型估算企业金融化的适度水平发现：企业金融化的适度水平不是固定不变的,不同的企业之间相差较大,会随着企业个体的差异及外部环境变化而不断调整。对过度金融化治理研究发现：可以通过加强企业内部治理和外部环境改善来治理企业过度金融化问题,促使企业金融化保持在适度水平上,进而提升企业价值。

The Impact of Enterprise Financialization on Firm Value: Identification and Governance of Excessive Financialization

Utilizing the data of Chinese listed companies from 2008-2019, this paper analyzes the relationship between enterprise financialization and firm value. The study found that the effect of enterprise financialization on firm value is related to the level of enterprise financialization. When the level of financialization is low, financialization has a positive impact on firm value, When the level of financialization is excessive, the impact become negative. The relationship between enterprise financialization and firm value is inverted U-shaped. Further, this paper analyzes the heterogeneity of different enterprises according to property rights and industry. In addition, using the partial adjustment model to estimate the appropriate level of enterprise financialization, we found that the appropriate level of enterprise financialization is not fixed, and there is a large difference between different companies. This difference will be adjusted continuously with the differences of individual companies and changes in the external environment. From the governance perspective, excessive financialization can be governed by strengthening the internal governance and improving the external environment, so that the enterprise financialization can be maintained at an appropriate level, and the value of the enterprise will be enhanced.