文献类型：期刊文献

中文题名：实际控制人境外居留权会加剧实体企业金融化吗?

英文题名：Will Foreign Residence Rights Aggravate Financial Asset Allocation of Real Enterprises?

作者：赵彦锋[1]

机构：[1]河南财经政法大学电子商务与物流管理学院,河南郑州450046

第一机构：河南财经政法大学电子商务与物流管理学院

年份：2021

期号：2

起止页码：65-78

中文期刊名：中南财经政法大学学报

外文期刊名：Journal of Zhongnan University of Economics and Law

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：2021年河南省科技厅软科学项目:“实体企业金融化与审计选择研究”(2124004110540);2020年河南省哲学社会科学规划项目“超额商誉与外部审计师风险应对研究”(2020BJJ008);2019年国家社会科学基金重点项目“竞争性地方国企混合所有制改革中非国有股东治理机制和权限配置研究”(19AGL011)。

语种：中文

中文关键词：境外居留权;金融化;民营上市公司;内外部治理环境

外文关键词：Foreign Residence Rights;Financial Asset Allocation;Private Listed Companies;Internal and External Governance Environment

摘要：近年来,实体企业“金融化”趋势明显,其消极影响备受关注。基于此,本文研究民营上市公司实际控制人的境外居留权对实体企业金融化的影响。研究发现,实际控制人拥有境外居留权的企业金融化程度更高。机制检验显示,代理冲突、短视行为及过度自信是境外居留权“金融化”效应的路径。作用环境分析表明,在市场化程度低、非四大审计的外部环境与内部控制质量较低、独立董事占比较低和股权制衡度较低的内部环境下,境外居留权加剧金融化的效应更显著。研究结果表明:监管层需关注实际控制人境外居留权对企业金融化的促进作用;投资者应考虑实际控制人境外居留权对企业的负面影响;良好内外部治理环境能够缓解实际控制人境外居留权对实体企业金融化的不利影响。
With China's economic entering a new normal,the trend of"financialization"of real enterprises is becoming apparent,and its negative impact has attracted more and more attention.Based on this circumstance,this paper studies the ultimate controlling person′s foreign residence rights′impacts on financialization.The results show that the enterprises whose ultimate controlling persons have foreign residence rights will have higher financialization.The mechanism tests show that agency conflict,short-sighted behavior and overconfidence are the ways by which foreign residence rights increase the financial assets.The analysis of the governance environments shows that the poorer internal and external governance environments will strengthen the positive influence between the foreign residence rights and the financial assets,namely the more significant under the following poorer governance circumstances:the higher-institution-holding-proportion shares,the lower-degree-marketization,non-big-four auditors,lower quality internal control,lower proportion independence board and equity-balance.From the study we can saftly draw the conclusion that regulators should notice that the ultimate controllers′foreign residence rights will aggravate the financialization of enterprises;investors should consider the negative impact of enterprises with foreign residence rights while making investing decision;good internal and external governance environments can alleviate the financialization of enterprises.