金融理论与教学2025，Vol.43Issue(6)：20-29,99,11.
企业金融化对企业韧性的影响
The Impact of Corporate Financialization on Corporate Resilience:Mediating Effect and Threshold Effect Based on Debt Financing Cost
摘要
Abstract
This study selects all A-share listed companies from 2007 to 2023 as the research objects,explores the impact of corporate financialization on corporate resilience,and examines the mediating effect and threshold effect of debt financing costs in the relationship.The research results indicate that corporate financialization can enhance their resilience;the cost of debt financing plays a partial mediating role between corporate financialization and corporate resilience;a single threshold effect was identified in the impact of corporate financialization on corporate resilience.When the cost of debt financing is below the threshold value of-0.1168,corporate financialization exerts a significant positive effect on resilience.However,once this threshold is exceeded,this effect ceases to be statistically significant;furthermore,the positive impact of corporate financialization on corporate resilience is found to be more pronounced in non-state-owned enterprises;enterprises in eastern China,manufacturing enterprises,enterprises with the smallest scale and long-established enterprises.Based on this,suggestions are proposed to optimize the synergy mechanism between financialization and entities,lower financing thresholds,and enhance the enabling effect of financialization on corporate resilience.关键词
企业金融化/企业韧性/债务融资成本Key words
corporate financialization/corporate resilience/debt financing cost分类
管理科学引用本文复制引用
FAN Dingxiang,ZHU Yisen..企业金融化对企业韧性的影响[J].金融理论与教学,2025,43(6):20-29,99,11.基金项目
湖南省社会科学成果评审委员会课题"高质量发展视角下湖南生物医药产业创新韧性的测度与提升研究"(XSP2023JJC022). （XSP2023JJC022）
