期刊论文

Excessively Financing, Squeezing-out Effect and Capital Degenerating to Virtue: Evidence of China's Real Listed Firms from 2007 to 2015

中文

经济管理

1002-5766

2018

40

7

39-55

10.19616/j.cnki.bmj.2018.07.003

湖南省自然科学基金项目(2018JJ2189)/湖南省社会科学基金一般项目(15YBA206)

本校为第一机构

本文通过研究上市公司基于金融股权投资目的的过度融资行为及其挤出效应,诠释了资本脱实向虚的微观机理,并选取2007—2015年实体上市公司数据进行实证检验。研究发现:（1）经济新常态下经营风险上升导致企业产生额外保值的融资需求,成为上市公司过度融资的重要原因;（2）上市公司的过度融资行为通过挤出效应强化二元融资市场的价格歧视,二元市场的反馈效应致使上市公司与非上市公司资本双双脱实向虚;（3）在高经营风险的经济新常态中,参与金融投机的上市公司对实体投资关注度和积极性下降,脱实向虚动机更为强烈,其中,国有、东部以及商业上市公司过度融资规模更大,资本脱实向虚动机更强,对非上市...

Under the background of the new normal with slowing growth period,structural adjustment period,and stimulus policy coming into play,the development of the real economy is facing unprecedented pressure and risks.Investment efficiency is continuously declining,general commodity prices continue to be sluggish,and the return rate of physical investment and labor productivity growth and total factor productivity have shown a downward trend.In particular,the basic industrial sectors such as manufacturing and heavy industry have been severely impacted...