| 金融化与企业风险承担 |
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| 引用本文：徐隽翊1， 周 越1，陈升萌2.金融化与企业风险承担[J].湖南大学学报社会科学版,2020,(6):73-82 |
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| 中文摘要:金融化对企业风险承担具有明显的抑制作用，支持“挤出效应”；同时当政策不确定性越低、市场化程度越高、内部代理冲突越严重时，金融化对企业风险承担的抑制作用越强。从企业异质性来看，非国有企业的金融化会显著地降低企业风险承担；从金融化类型来看，配置长期资产更能降低企业风险承担；从作用机制来看，债务筹资能力的降低、实体投资与研发投入的减少是金融化抑制企业风险承担的重要渠道。由此我们认为，政策层面需要注意控制企业金融化水平，更好地引导金融服务于实体经济，促进我国经济健康稳健的可持续发展。 |
| 中文关键词:企业金融化 风险承担 公司治理 外部环境 |
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| Financialization and Enterprise Risk-taking |
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| Abstract:The results show that financialization has an obvious inhibitory effect on enterprise risk-taking in China, supporting crowding-out effect. Meanwhile, the lower the policy uncertainty, the higher the degree of marketization and the more serious the internal agency conflict, the stronger the inhibitory effect of financialization on enterprise risk-taking. Further research finds that from the perspective of heterogeneity, non-SOEs' financialization can lower the level of enterprise risk-taking; as for the financialization type, preference towards long-term assets can lower the level of enterprise risk-taking; in terms of specific mechanism, reduced debt financing capacity, decrease in physical investment and R&D investment are important channels through which financialization affects enterprise risk-taking. |
| keywords:enterprise financialization risk taking corporate governance external environment |
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