金融资产投资、杠杆率与企业风险承担——基于非金融企业的视角

本文以2007~2018年我国A股非金融上市公司为研究样本,运用动态面板系统广义矩估计法,研究杠杆率在金融资产投资与企业风险承担之间的中介效应影响,分析金融资产投资、杠杆率、企业风险承担三者之间的传导链条。研究发现:杠杆率在金融资产投资与企业风险承担水平之间发挥了部分中介效应;金融资产投资增加会直接导致企业风险承担水平上升,同时也会通过提高杠杆率间接地提升企业风险承担水平。本研究丰富了实体企业金融投资后果的相关文献,为实体企业的投资决策以及风险管理提供了参考,也为监管部门去杠杆防风险提供了经验证据。

Financial Asset Investment,Leverage Ratio and Corporate Risk Taking: Perspective from Non-Financial Enterprises

Based on the panel data of non-financial enterprises of China from 2007 to 2018,this paper focuses on the intermediary effect of leverage between financial asset investment and enterprise risk-taking,and analyses the transmission chain among financial asset investment,leverage and enterprise risk-taking with systemic GMM model.It finds that leverage plays a partial mediating role between financial asset investment and enterprise risk-taking,that the increase of financial asset investment will directly lead to the rise of enterprise risk-taking level,and at the same time,indirectly improve the level of enterprise risk-taking by increasing the leverage.This research enriches the relevant literature on the consequences of the financial investment of non-financial companies.It has implications for entity enterprises on decision-making and risk management,and provides empirical evidence for the regulatory authorities to deleverage and prevent risks.