企业金融资产配置与融资约束的缓解机制:基于流动性管理的分析

企业进行金融资产配置,一方面能够为企业提供流动性,缓解融资约束;另一方面也因投机动机而占用企业流动性资源,加剧融资约束,对实体投资造成挤压。这是形成企业金融化的"投资挤出效应"和"蓄水池效应"两种现象并存的内在机制。为衡量这种内在机制,本文使用2007—2018年我国上市公司样本,对金融资产配置的流动性管理效应展开分析。结果显示:非金融企业的金融收益会推动超额现金的持有,通过超额现金的中介效应引致了融资约束程度的缓解;而企业持有金融资产行为则产生相反的效应。进一步研究发现,在典型的公司治理机制中,无论是外部股东的投票机制,还是来自内部的代理成本与高管持股机制,都在一定程度上推动了金融资产配置产生的流动性效应。

Corporate Financial Asset Allocation and Financing Constraint Mitigation Mechanism:An Analysis Based on Liquidity Management

Corporate financial asset allocation can provide liquidity for enterprises and ease financing constraints.Meanwhile,it also occupies enterprises'liquidity resources due to speculation motive,thus aggravating financing constraints and squeezing real investment.This is the internal mechanism of the coexistence of"investment crowding out effect"and"reservoir effect"in the financialization of enterprises.To measure these two mechanism,this paper analyzes the effects of liquidity management of financial asset allocation by using the sample of Chinese listed companies from 2007 to 2018.The result shows that the financial earnings of the non-financial enterprises can promote excess cash possession,the intermediate effects through excess cash cause the easing of financing constraint level.While the behavior of holding financial assets by enterprises has the opposite effect.Further study demonstrates that both the voting mechanism of external shareholders and the internal agency cost and executive ownership mechanism promote the liquidity effect of financial asset allocation to a certain extent.