摘要
Abstract
The study on "finance and real economy" has become hot in recent years, and there is also a discussion on the issue of financial idling at the macroeconomic level.However, there are few studies on the micro level of corporate capital.This paper uses annual report data of listed manufacturing companies from 2003 to 2016 in China, takes the 2009 economic stimulus package as a quasi natural experiment, and uses the difference-in-difference method to explore the tendency of enterprises to allocate financial assets and subsequent changes in enterprise performance in the premise of enough funds.The empirical results show that when the manufacturing enterprises get more credit funds without effective external supervision, the enterprises tend to increase financial investment, and financial activities play an increasingly significant role in the daily operation of the enterprises.On the contrary, the main business of the enterprises has not been exploited, but the profitability and growth ability are damaged, and the latter is more affected, indicating.excessive financial investment has a deeper long-term impact on Chinese listed manufacturing companies.Thus, policy recommendations are put forward from three perspectives, namely, the practitioners of real economy, the providers of funds and the regulators.关键词
金融/实体经济/信贷供给/资产配置/企业绩效Key words
finance/real economy/credit supply/asset allocation/enterprise performance分类
管理科学
