证券市场导报Issue(8)：20-28,9.
公司金融化投资之谜:盈余管理抑或金融套利?
摘要
Abstract
The financialization of listed companies has become increasingly fierce in recent years. This article takes a sample of A-share non-financial listed companies from 2003 to 2015, investigates the driving factors of financialization. The empirical results show that earnings management motivation is one of the driving factors of financialization. The interest rate spread of the financial industry beyond the entity industrial attracts the entity company to make financial investment for arbitrage, which is an important driving factor for company's financialization. The financial investment income does not necessarily feed entity operation back. Further study shows that the higher degree of company financialization, the lower level of accrual earnings management. This shows that financialization partly replaces accrual earnings management and is a way of real earnings management. The company has the tendency to increase the liabilities for financial benefits. In the central and western regions where the degree of marketization is relatively low, the financialization phenomenon is more obvious. That indicates that there are regional differences in the financialization. The article provides the microscopic evidence to rectify excessive financialization. The policy implication is that it needs to break the pattern of financial monopoly, thus it can prompt the company to return to core business and make the transition from arbitrage to innovation.关键词
公司金融化/盈余管理/利差/金融套利Key words
financialization of the company/earnings management/spreads/financial arbitrage分类
管理科学引用本文复制引用
许罡,伍文中..公司金融化投资之谜:盈余管理抑或金融套利?[J].证券市场导报,2018,(8):20-28,9.基金项目
安徽省社科规划项目:基于演化博弈的政府行为不确定性与企业研发投资互动机制研究 (AHSKY2016D10) （AHSKY2016D10）
安徽省教育厅人文社科重点项目:政府创新补贴的扭曲效应及制约机制研究 (SK2015A213) （SK2015A213）
