再融资风险对企业战略性和投机性投资的影响研究
Research on the Impact of Refinancing Risk on Strategic and Speculative Investments of Enterprises
DOI: 10.12677/sd.2026.161045, PDF,   
作者: 徐晨晨：云南财经大学金融学院，云南 昆明
关键词: 再融资风险；战略性投资；投机性投资；Refinancing Risk； Strategic Investment； Speculative Investment
摘要: 本文聚焦于中国经济转型期企业面临的突出财务约束问题，探讨再融资风险对其投资决策的结构性影响。基于中国A股上市公司的实证分析，研究发现：再融资风险上升会显著驱动企业调整其金融资产配置，表现为增持高流动性的战略性金融资产，同时抑制高风险投机性金融资产，且现金持有量在这一过程中起到核心中介作用。本研究的发现为理解中国企业的投资现象提供了基于融资约束的微观机理解释。
Abstract: This paper focuses on the prominent financial constraint issues faced by enterprises during China’s economic transition period, exploring the structural impact of refinancing risk on their investment decisions. Based on an empirical analysis of Chinese A-share listed companies, the study finds that an increase in refinancing risk significantly drives enterprises to adjust their financial asset allocation—manifested as an increase in holdings of high-liquidity strategic financial assets while restraining high-risk speculative financial assets. Cash holdings play a central mediating role in this process. The findings of this research provide a micro-mechanism explanation based on financing constraints for understanding the investment behavior of Chinese enterprises.
文章引用：徐晨晨. 再融资风险对企业战略性和投机性投资的影响研究[J]. 可持续发展, 2026, 16(1): 410-423. https://doi.org/10.12677/sd.2026.161045

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