企业金融化、产品市场竞争和财务困境

Corporate Financialization, Product Market Competition and Financial Distress

摘要: 基于企业脱实向虚的背景，本文选择2007~2020年的A股上市公司，采用多元线性回归模型进行了实证研究，探究了企业配置金融资产与企业财务困境的影响，进一步探究了产品市场竞争在两者之间是否发挥着调节效应。研究结果显示：1) 随着企业配置的金融资产越来越多，企业面临的财务困境也会越来越大；2) 产品市场竞争能够在两者之间发挥着调节效应；3) 进一步研究发现企业金融化会导致企业资本性支出减少，从而导致企业财务困境加大。本文的研究为政府加强金融监管、企业合理投资金融资产提供了参考。

Abstract: Based on the background of enterprise dematerialization to virtuality, this paper selects A-share listed companies from 2007 to 2020, uses a multiple linear regression model to conduct empirical research, explores the impact of the corporate allocation of financial assets and corporate financial difficulties, and further explores whether product market competition plays a regulating effect be-tween the two. The research results show that: 1) As enterprises allocate more and more financial assets, the financial difficulties faced by enterprises will also increase; 2) product market competi-tion can play a regulating effect between the two; 3) Further research finds that corporate finan-cialization will lead to a decrease in corporate capital expenditure, which will lead to an increase in corporate financial distress. The research in this paper provides a reference for the government to strengthen financial supervision and enterprises to rationally invest in financial assets.