缓冲还是替代？公司金融化和杠杆操纵

IF 4.8 2区经济学 Q1 BUSINESS, FINANCE

Pacific-Basin Finance Journal Pub Date : 2024-08-27 DOI:10.1016/j.pacfin.2024.102508

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引用次数: 0

摘要

本研究探讨了 2011 年至 2021 年金融化对中国非金融企业杠杆操纵的影响。利用 XLT-LEVM 测量方法，我们发现企业金融化能够抑制杠杆操纵。机理分析表明，企业金融化通过从实质上挤出债务融资来抑制杠杆操纵。根据异质性分析，这种抑制作用在面临短期偿付能力压力和外部高度关注的企业中并不明显。我们的研究结果扩展了有关公司金融化的文献，并证明了其在缓解杠杆操纵方面的作用，对金融实践和公共政策都有借鉴意义。

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Buffer or substitute? Corporate financialization and leverage manipulation

This study examines the impact of financialization on leverage manipulation for nonfinancial companies in China from 2011 to 2021. Using the XLT-LEVM measurement method, we find that corporate financialization can inhibit leverage manipulation. Mechanism analysis suggests that corporate financialization deters leverage manipulation by crowding out debt financing in a substantive way. According to heterogeneity analysis, the inhibitory effect is less pronounced in firms with short-term solvency pressure and intensive external attention. Our findings extend the literature on corporate financialization and demonstrate its role in mitigating leverage manipulation, with implications for both financial practice and public policy.

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来源期刊

Pacific-Basin Finance Journal BUSINESS, FINANCE-

CiteScore

6.80

自引率

6.50%

发文量

157

期刊介绍： The Pacific-Basin Finance Journal is aimed at providing a specialized forum for the publication of academic research on capital markets of the Asia-Pacific countries. Primary emphasis will be placed on the highest quality empirical and theoretical research in the following areas: • Market Micro-structure; • Investment and Portfolio Management; • Theories of Market Equilibrium; • Valuation of Financial and Real Assets; • Behavior of Asset Prices in Financial Sectors; • Normative Theory of Financial Management; • Capital Markets of Development; • Market Mechanisms.