摘要
防范企业过度金融化,抑制企业“脱实向虚”,推动制造业上市公司合理配置金融资产、提高公司治理水平对促进其高质量发展具有重要意义。本文以2010-2020年我国沪深A股制造业上市公司为研究对象,分析制造业企业金融化对代理成本的影响机制。研究发现:制造业企业金融化与代理成本之间存在显著正相关关系,降低企业金融化有利于降低代理成本。加入会计信息透明度作为路径变量,实证结果表明:防范企业过度金融化通过提高会计信息透明度缓解代理的问题、降低代理成本。进一步研究发现:企业金融化对代理成本的影响在市场化程度较高地区以及机构投资者持股比例较低的公司更为显著。因此,制造业企业应避免“脱实向虚”,建立完善的信息披露制度,从而提升公司治理效应,防范企业过度金融化,促进实体经济发展。
It is of great significance to prevent the excessive financialization of enterprises,restrain enterprises from "developing from the real to the virtual",to promote the rational allocation of financial assets of listed manufacturing companies,and to improve the level of corporate governance to promote their high-quality development.This paper takes my country’s Shanghai and Shenzhen A-share listed manufacturing companies from 2010 to 2020 as the research object,and analyzes the impact mechanism of the financialization of manufacturing enterprises on agency costs.The study found that there is a significant positive correlation between the financialization of manufacturing enterprises and agency costs,and reducing corporate financialization is conducive to reducing agency costs.Adding accounting information transparency as a path variable,the empirical results show that preventing over-financialization of enterprises can alleviate agency problems and reduce agency costs by improving accounting information transparency.Further research finds that the impact of corporate financialization on agency costs is more significant in regions with a higher degree of marketization and companies with a lower shareholding ratio of institutional investors.Therefore,manufacturing enterprises should avoid "deviation from reality to virtual reality" and establish a sound information disclosure system,so as to enhance the effect of corporate governance,prevent excessive financialization of enterprises,and promote the development of the real economy.
出处
《价格理论与实践》
北大核心
2022年第5期134-137,207,共5页
Price:Theory & Practice
基金
国家社会科学基金项目“基于互联网的丝绸之路经济带金融合作机制研究”(批准号:16BJY180)。
关键词
金融资产配置
代理成本
会计信息透明度
制造业
financial asset allocation
agency cost
accounting information transparency
manufacturing
