金融化与企业投资缓慢复苏:来自2007-2008年金融危机的全球证据

IF 1.3 4区经济学 Q3 BUSINESS, FINANCE

International Finance Pub Date : 2023-10-03 DOI:10.1111/infi.12439

Mingjin Luo, Shenqguan Wang

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引用次数: 0

摘要

2007-2008年金融危机后，全球经济呈现投资复苏乏力、金融化不断深化的趋势。利用2000年至2017年108个国家非金融企业的数据，我们用probit模型检验了金融化对企业危机后投资复苏的影响。我们发现，企业金融化抑制了危机后的投资复苏，并且在一系列稳健性检验下，这一发现保持稳定。进一步的讨论表明，金融化对投资恢复的阻碍作用在严重财政限制的公司和来自发达经济体的公司中尤为突出。较高的金融市场收益率也加剧了金融化对投资复苏的抑制作用。

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Financialization and sluggish recovery of firms' investment: Global evidence from the 2007–2008 financial crisis

After the financial crisis of 2007–2008, the global economy witnessed a trend of sluggish investment recovery and continuous deepening of financialization. Using data on nonfinancial firms from 108 countries over the period from 2000 to 2017, we examine the impact of financialization on firms' postcrisis investment recovery with a probit model. We find that firms' financialization inhibited postcrisis investment recovery, and this finding remains stable under a series of robustness checks. Further discussion shows the hindering impact of financialization on investment recovery is especially dominant among firms with severe financial constraints and firms from advanced economies. Higher financial market yield also exacerbates the restraint effect of financialization on investment recovery.

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来源期刊

International Finance Multiple-

CiteScore

2.50

自引率

8.30%

发文量

期刊介绍： International Finance is a highly selective ISI-accredited journal featuring literate and policy-relevant analysis in macroeconomics and finance. Specific areas of focus include: · Exchange rates · Monetary policy · Political economy · Financial markets · Corporate finance The journal''s readership extends well beyond academia into national treasuries and corporate treasuries, central banks and investment banks, and major international organizations. International Finance publishes lucid, policy-relevant writing in macroeconomics and finance backed by rigorous theory and empirical analysis. In addition to the core double-refereed articles, the journal publishes non-refereed themed book reviews by invited authors and commentary pieces by major policy figures. The editor delivers the vast majority of first-round decisions within three months.