企业金融化如何影响主要业务业绩-基于动态面板门模型的经验证据
Baodong Chen1, Jing Li1, Jiayi Zhang1
1School of Management, Xi'an Polytechnic University, Xi'an, Shaanxi, China.
PloS one
|January 31, 2025
概括
中国的企业融资影响企业实际业绩,显示出值效应. 超过5.82%,金融化可能会对主要业务业绩产生负面影响,所有权,行业和地区的差异不同.
科学领域:
- 经济学 经济学 经济学
- 金融 金融 金融 金融 金融
- 商业研究 商业研究
背景情况:
- 企业融资是中国经济的一个重要趋势.
- 了解它对实体企业核心业务的影响至关重要.
研究的目的:
- 研究中国企业金融化与企业业绩之间的关系.
- 根据公司特点,识别潜在的值效应和异质影响.
主要方法:
- 利用中国A股非金融上市公司 (2013-2022) 的数据.
- 采用动态面板值模型来分析企业财务化-绩效关系.
- 检查了所有权,资产成熟度,行业和区域因素之间的异质性.
主要成果:
- 在5.82%的企业金融化水平上,发现了显著的值效应.
- 企业金融化表现出双重效应:在较低的水平上呈阳性,在超出值时呈阴性.
- 根据所有权类型,资产到期期,行业和地理位置观察到不同的影响.
结论:
- 企业融资对主要业务业绩的影响是非线性的,取决于一个关键值.
- 政策和管理策略应该考虑这些细微的影响和企业特征的变化.
- 对推动这些异质结果的机制进行进一步的研究是有必要的.
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