公司战略与金融资产配置——基于经济政策不确定性的证据

详细信息    查看全文 | 推荐本文 |

英文篇名：Corporate Strategy and Financial Asset Allocation:Evidence Based on Economic Policy Uncertainty 作者：楚有为 英文作者：Youwei Chu;School of Accounting,Dongbei University of Finance and Economics; 关键词：经济政策不确定性 ; 公司战略 ; 金融资产配置 ; 蓄水池动机 ; 替代动机 英文关键词：economic policy uncertainty;;corporate strategy;;financial asset allocation;;reservoir motivation;;substitution motivation 中文刊名：LXGZ 英文刊名：Accounting and Economics Research 机构：东北财经大学会计学院; 出版日期：2019-05-25 出版单位：会计与经济研究 年：2019 期：v.33;No.159 基金：教育部人文社会科学研究项目(18YJC790067) 语种：中文; 页：LXGZ201903008 页数：19 CN：03 ISSN：31-2074/F 分类号：110-128

摘要

企业配置金融资产可能出于"蓄水池"动机,也可能出于"替代"动机,公司战略会影响金融资产持有动机,从而影响金融资产配置水平。在经济政策不确定的宏观经济环境中,不同战略公司对金融资产的调整也存在差异。文章利用2007—2016年沪深两市A股非金融上市公司数据,考察战略特征对企业金融资产配置的影响,研究结果表明,公司战略对金融资产配置存在显著影响,激进的公司战略下企业金融资产配置水平更高,在经济政策不确定性较高时,战略激进的公司会进一步增加金融资产配置。实证结果表明,战略激进的企业主要出于"蓄水池"动机,而非"替代"动机。
        Companies may allocate financial assets for either reservoir or substitution motivation. Corporate strategy impacts on the motivation of holding financial assets,which further impacts on the allocation of these financial assets. In a macro-economic environment with uncertain economic policies,diversified approaches are used to undertake financial assets adjustment by different strategic companies. Based on A-share listed companies of Shanghai and Shenzhen Stock markets from 2007 to 2016,this paper finds that company strategy has a significant effect on the allocation of financial assets and companies with more aggressive strategy hold more financial assets. These aggressive companies will increase their financial assets holding when economic policy is more uncertain. The results show that companies with aggressive strategy allocate more financial assets for reservoir motivation but not substitution motivation.

引文

蔡明荣,任世驰.2014.企业金融化:一项研究综述.财经科学(7):41-51.
    曹瑾.2016.公司战略差异与股权融资成本---基于信息不对称视角的研究.安徽财经大学硕士论文.
    陈国进,张润泽,赵向琴.2017.政策不确定性、消费行为与股票资产定价.世界经济(1):116-141.
    陈国进,张润泽,赵向琴.2018.经济政策不确定性与股票风险特征.管理科学学报(4):1-27.
    干胜道,贺易,肖亮.2018.非金融企业金融化水平受管理者影响吗?---基于过度自信的视角.当代经济管理(2):11-16.
    胡奕明,王雪婷,张瑾.2017.金融资产配置动机:“蓄水池”或“替代”?---来自中国上市公司的证据.经济研究(1):181-194.
    蒋腾,张永冀,赵晓丽.2018.经济政策不确定性与企业债务融资.管理评论(3):29-39.
    李凤羽,史永东,杨墨竹.2015.经济政策不确定性影响基金资产配置策略吗?---基于中国经济政策不确定指数的实证研究.证券市场导报(5):52-59.
    李浩举,程小可,郑立东.2016.经济政策不确定性、营运资本管理与企业价值.中央财经大学学报(3):72-81.
    李晓东,张晓婕.2018.公司战略、盈余管理与债务成本.会计论坛(1):72-95.
    刘贯春,张军,刘媛媛.2018.金融资产配置、宏观经济环境与企业杠杆率.世界经济(1):148-173.
    刘行.2016.企业的战略类型会影响盈余特征吗---会计稳健性视角的考察.南开管理评论(4):111-121.
    彭俞超,韩珣,李建军.2018.经济政策不确定性与企业金融化.中国工业经济(1):137-155.
    孙健,王百强,曹丰等.2016.公司战略影响盈余管理吗?管理世界(3):160-169.
    王红建,李青原,邢斐.2014.经济政策不确定性、现金持有水平及其市场价值.金融研究(9):53-68.
    吴军,陈丽萍.2018.非金融企业金融化程度与杠杆率变动的关系---来自A股上市公司和发债非上市公司的证据.金融论坛(1):3-15.
    巫绪芬,赵延昇.2005.战略管理视角下财务管理目标的构建.经济问题(6):69-71.
    谢家智,王文涛,江源.2014.制造业金融化、政府控制与技术创新.经济学动态(11):78-88.
    杨筝,刘放,王红建.2017.企业交易性金融资产配置:资金储备还是投机行为?管理评论(2):13-25,34.
    张成思,张步昙.2016.中国实业投资率下降之谜:经济金融化视角.经济研究(12):32-46.
    Acharya,V.V.,H.Almeida,and M.Campello.2007.Is cash negative debt?A hedging perspective on corporate financial policies.Journal of Financial Intermediation 16(4):515-554.
    Akkemik,K.A.,and S.zen.2014.Macroeconomic and institutional determinants of financialisation of non-financial firms:case study of Turkey.Socio-Economic Review 12(1):71-98.
    Almeida,H.,M.Campello,and M.S.Weisbach.2004.The cash flow sensitivity of cash.Journal of Finance59(4):1777-1804.
    Baker,S.R.,N.Bloom,and S.J.Davis.2016.Measuring economic policy uncertainty.Quarterly Journal of Economics 131(4):1593-636.
    Bentley,K.A.,T.C.Omer,and N.Y.Sharp.2013.Business strategy,financial reporting irregularities,and audit Effort.Contemporary Accounting Research 30(2):780-817.
    Demir,F.2009.Financial liberalization,private investment and portfolio choice:financialization of real sectors in emerging markets.Journal of Development Economics 88(2):314-324.
    Duchin,R.,T.Gilbert,J.Harford,and C.M.Hrdlicka.2017.Precautionary savings with risky assets:when cash is not cash.The Journal of Finance 72:793-852.
    Fiss,P.C.2011.Building better causal theories:a fuzzy set approach to typologies in organization research.Academy of Management Journal 54(54):393-420.
    Fazzari,S.M.,R.G.Hubbard,and B.C.Petersen.1988.Financing constraints and corporate investment.Brookings Papers on Economic Activity(1):141-206.
    Loukopoulos,P.,G.Loukopoulos,A.Evgenidis,and C.P.Siriopoulos.2017.The influence of a firms’business strategy on the downside risk of earnings,accruals and cash flow.Working Paper.
    Miles,R.E.,and C.C.Snow.1978.Organizational strategy,structure,and process.New York:McGraw-Hill.
    Miles,R.E.,and C.C.Snow.2003.Organizational strategy,structure,and process.Stanford,CA:Stanford University Press.
    Opler,T.,L.Pinkowitz,R.Stulz,and R.Williamson.1999.The determinants and implications of corporate cash holdings.Journal of Financial Economics 52(1):3-46.
    Orhangazi,O.2008.Financialisation and capital accumulation in the non-financial corporate sector.Cambridge Journal of Economics 32(6):863-886.
    Pastor,L.,and P.Veronesi.2012.Uncertainty about government policy and stock prices.The Journal of Finance 67(4):1219-1264.
    Seo,H.J.,H.S.Kim,and Y.C.Kim.2012.Financialization and the slowdown in korean firms’R&D investment.Asian Economic Papers 11(3):35-49.
    Singh,P.,and N.C.Agarwal.2010.The effects of firm strategy on the level and structure of executive compensation.Canadian Journal of Administrative Sciences 19(1):42-56.
    Stulz,R.M.1996.Rethinking risk management.Journal of Applied Corporate Finance 9(3):8-25.
    Stockhammer,E.2005.Shareholder value orientation and the investment-profit puzzle.Journal of Post Keynesian Economics 28(2):193-215.