ETF ownership and corporate financialization

IF 7.4 2区经济学 Q1 BUSINESS, FINANCE

Finance Research Letters Pub Date : 2025-05-16 DOI:10.1016/j.frl.2025.107593

Qi Liu , Changying Shi

引用次数: 0

Abstract

This study uses Chinese listed companies from 2010 to 2023 as the research sample to analyze the relationship between the proportion of ETF ownership and corporate financialization in depth. The findings indicate that the proportion of ETF ownership has a significant negative impact on corporate financialization, and this impact exhibits notable heterogeneity among companies of different sizes and industry intensities. Furthermore, the study reveals that ETF ownership indirectly suppresses the trend of corporate financialization by improving the quality of corporate accounting information and encouraging more investor behavior. Additionally, market liquidity plays an important moderating role in the relationship between ETF ownership and corporate financialization.

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ETF所有权和公司金融化

本研究以2010 - 2023年中国上市公司为研究样本，深入分析ETF持股比例与公司金融化的关系。研究结果表明，ETF持股比例对企业金融化具有显著的负向影响，且这种影响在不同规模和行业强度的企业中表现出显著的异质性。此外，研究发现，ETF所有权通过提高公司会计信息质量和鼓励更多的投资者行为，间接抑制了公司金融化的趋势。此外，市场流动性在ETF持有量与企业金融化之间的关系中起着重要的调节作用。

本文章由计算机程序翻译，如有差异，请以英文原文为准。

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来源期刊

Finance Research Letters BUSINESS, FINANCE-

CiteScore

11.10

自引率

14.40%

发文量

863

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