文献类型：期刊文献

中文题名：多个大股东能抑制实体企业金融化吗?

英文题名：Can Multiple Major Shareholders Inhibit the Financialization of Entity Enterprises?

作者：赵彦锋[1];王桂祯[1];胡著伟[1]

第一作者：赵彦锋

机构：[1]河南财经政法大学会计学院,河南郑州450046

第一机构：河南财经政法大学会计学院

年份：2022

卷号：42

期号：1

起止页码：81-99

中文期刊名：现代财经：天津财经大学学报

外文期刊名：Modern Finance and Economics:Journal of Tianjin University of Finance and Economics

收录：CSTPCD;;国家哲学社会科学学术期刊数据库;北大核心:【北大核心2020】；CSSCI:【CSSCI2021_2022】；

基金：国家社会科学基金重点项目(19AGL011);河南省软科学研究计划项目(222400410584)。

语种：中文

中文关键词：多个大股东;实体企业金融化;公司治理;代理成本;实体投资

外文关键词：multiple major shareholders;financialization of entity enterprises;corporate governance;agency costs;real investment

摘要：近年来,实体企业金融化对主业的负面影响引发对其影响因素及治理对策的高度关注。为弥补股权结构对金融化影响研究的不足,本文以多个大股东为切入点,考察其对实体企业金融化的影响及其机理。研究发现,多个大股东具有抑制实体企业金融化的效应,对长期金融资产的抑制作用更为显著;中介效应检验表明,缓解第二类代理成本、降低两权分离度、改善企业外部信息环境是多个大股东抑制金融化的机制;进一步分析表明,非控股大股东的数量越多、相对能力越强以及企业所处地区法律环境越好对企业金融化的抑制作用越强;就经济后果来看,多个大股东对金融化的抑制能够促进实体投资。同时为企业优化股权结构、促进"脱虚向实"提供了借鉴。
In recent years, the negative impact of the financialization of real enterprises on the main business has aroused great concern for its influencing factors and governance measures. In order to make up for the lack of research on the impact of equity structure on financialization, it is divided from several major shareholders to examine its impact on financialization and its mechanism. The study found that many large shareholders have the effect of inhibiting the financialization of real enterprises, and the inhibition effect on long-term financial assets is more significant;the intermediary effect test shows that it is a mechanism for several large shareholders to inhibit financialization to alleviate the second type of agency cost, reduce the separation of powers and improve the external information environment of enterprises. Further analysis shows that the more non-controlling major shareholders, the stronger the relative ability and the better the legal environment in the region where the enterprise is located, the stronger the inhibition of the financialization of enterprises, and in terms of economic consequences, the suppression of financialization by many major shareholders promotes real investment. The research provides reference for enterprises to optimize the equity structure and promote the "de-virtualization".