CAJ | 학술논문

本文首先对2007年到2012年我国A股上市公司报表进行重整，从资产中剥离出金融资产，从收益中剥离出金融收益。对面板数据研究发现，公司所持有的非货币性金融资产和公司的经营收益率之间出现U形关系，即高业绩和低业绩的公司都趋向于持有更多金融资产；高业绩公司主要表现为富余效应，低业绩公司主要表现为替代效应；U形关系在交易性金融资产上不明显，而在理财信托类金融资产、投资性房地产和金融机构股权投资上非常明显；高业绩公司中的中大型公司表现出更加明显的富余效应。本文为我国非金融公司的金融化行为特征提供了新的微观证据。
본문수선대2007년도2012년아국A고상시공사보표진행중정，종자산중박리출금융자산，종수익중박리출금융수익。대면판수거연구발현，공사소지유적비화폐성금융자산화공사적경영수익솔지간출현U형관계，즉고업적화저업적적공사도추향우지유경다금융자산；고업적공사주요표현위부여효응，저업적공사주요표현위체대효응；U형관계재교역성금융자산상불명현，이재리재신탁류금융자산、투자성방지산화금융궤구고권투자상비상명현；고업적공사중적중대형공사표현출경가명현적부여효응。본문위아국비금융공사적금융화행위특정제공료신적미관증거。
Firstly we restructured the balance sheet and income sheet of Chinese listed firms from 2007 to 2012 by isolating financial assets from total assets and financial profit from total profit. Then we studied the relationship between operating profit rate and financial assets ratio. The conclusions show that there is U - shape relationship between non - monetary financial assets and operating profit of the company, suggesting that firms with high - performance or low - performance tend to hold more financial assets and the surplus effect dominates the high - performance firms while the substitution effect dominates the low - performance firms ; the U - shape relation is obvious for investment property, financial equity investment, financial management products and trusts, but not obvious for market financial products ; middle - sized and large - sized firms show more surplus effect than small - sized firms. The results provide new micro - level evidence of the mechanism of financialization of NFCs.