企业“脱实向虚”:未雨绸缪还是投机逐利 ———基于宏观视角的实证研究.

In the last few years. the phenomenon of "shifting from the real to the virtual" of Chinese real enterprises has attracted great attention from all walks of life and has become a serious challenge in the current economic development process. Is the motivation of enterprises to " shifting from the real to the virtual" precautionary saving or speculating? Domestic and foreign scholars have not yet reached a consensus. Based on the quarterly data of Shanghai and Shenzhen A-share listed companies from 2009 to 2021. this paper empirically examines the impact of macroeconomic situation changes on the financial asset investment decisions of China's real listed companies from three macro dimensions: economic cycle fluctuations, monetary environment changes and capital market performance. Empirical studies have found that during the period of economic downturn, tight monetary environment and sluggish capital market, the proportion of total financial assets held by enterprises has declined, and the internal allocation of financial assets has also been affected, that is, the proportion of sound financial assets in total financial assets has increased, while the proportion of risky financial assets has declined. In terms of industry and region, this inhibition is more significant in the eastern region and private enterprises. Further analysis shows that compared with enterprises with weak financing constraints. the financial asset holdings of enterprises with strong financing constraints are more sensitive to macroeconomic changes, which indicates that the main motivation of the financialization of Chinese real enterprises is precautionary saving rather than speculating. This paper contributes to the existingliterature in the following three aspects. First. we take the three indicators of macroeconomic climate index, money supply and stock market return as the starting point to reconstruct the three dimensional perspective, this paper analyzes the bias of the internal allocation structure of corporate financial assets from the macro perspective, and examines the motivation of corporate financialization in China, which is helpful to clarify the macro and micro integration mechanism in the financialization problem, and further explain the driving mechanism of micro-enterprise financialization. Secondly, different from the existing literature that examines the precautionary saving motivation and speculating motivation of financialization in general, we not only study the impact of macroeconomic changes on the allocation behavior of financial assets of real enterprises in general, but also divide financial assets into two categories: stable financial assets and risky financial assets according to the characteristics of liquidity and risk, and analyzes the bias of the internal allocation structure of financial assets. This provides solid empirical evidence for understanding the allocation behavior of real enterprises to heterogeneous financial assets under the detailed classification, and enriches the literature in the field of corporate financialization motivation analysis. Thirdly, we consider the impact of financing constraints, property rights differences and regional differences on the relationship between macroeconomic changes and financial asset allocation behavior. which provides guidance for enterprises to rationally allocate financial assets under heterogeneous internal and external constraints. Our research, to a certain extent, reveals the inherent logic of the financialization behavior of Chinese enterprises and provides a new way of thinking for re-combing and understanding the phenomena of China's current economy "shifting from the real to the virtual", enterprise financialization and financial asset investment chaos. It has a strong practical significance for maintaining the stability of China's financial system and guiding the economy from virtual to real. [ABSTRACT FROM AUTHOR]