Research on the impact of corporate financialization on debt financing level: From the dual perspectives of risk-taking and earnings management

IF 4.8 2区 经济学 Q1 BUSINESS, FINANCE
Qing Zhao , Yihan Gan , Lijun Song , Suqing Fan
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引用次数: 0

Abstract

This study investigates the impact of corporate financialization on firms' debt financing decisions using a panel dataset of Chinese A-share listed companies from 2007 to 2023. Employing firm- and year-fixed effects regression models, we find that higher financial asset holdings are significantly associated with lower levels of debt financing. Robustness is ensured through various tests, including lagged variable models, propensity score matching, the Heckman two-step correction, and alternative fixed effect specifications. Mechanism analysis reveals that financialization reduces debt usage by increasing firms' risk-taking behavior and decreasing earnings management. Moreover, heterogeneity analysis shows that the effect is more pronounced among state-owned enterprises and firms receiving higher levels of external monitoring, such as analyst coverage. These findings suggest that financialization not only alters firms’ financial structures but also reshapes internal governance and risk preferences.
企业金融化对债务融资水平的影响研究——基于风险承担与盈余管理的双重视角
本文利用2007 - 2023年中国a股上市公司的面板数据集,研究了企业金融化对企业债务融资决策的影响。采用公司固定效应和年度固定效应回归模型,我们发现较高的金融资产持有量与较低的债务融资水平显著相关。稳健性是通过各种检验来保证的,包括滞后变量模型、倾向得分匹配、Heckman两步修正和替代固定效应规范。机制分析表明,金融化通过增加企业的冒险行为和减少盈余管理来减少债务使用。此外,异质性分析表明,在国有企业和接受更高水平外部监控(如分析师覆盖率)的公司中,这种影响更为明显。这些发现表明,金融化不仅改变了企业的财务结构,而且重塑了内部治理和风险偏好。
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
CiteScore
7.30
自引率
2.20%
发文量
253
期刊介绍: The International Review of Economics & Finance (IREF) is a scholarly journal devoted to the publication of high quality theoretical and empirical articles in all areas of international economics, macroeconomics and financial economics. Contributions that facilitate the communications between the real and the financial sectors of the economy are of particular interest.
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