摘 要

随着中国经济进入结构转型期，我国宏观经济总体放缓，在传统行业运营成本不断提高、产能过剩等不利背景下，实体经济普遍面临经营利润下滑的困境。但金融业、房地产业等虚拟经济产业的发展势头却逐渐迅猛，行业利润依旧保持着比较强劲的发展态势。资本的逐利性、不良的实体产业环境和滞后的金融市场使得实体企业在金融行业巨额利润的推动下,借助各种方式进入金融业，而其中一种重要方式是在企业资产负债表中大量配置金融资产。

基于以上研究背景，本文首先通过对相关文献进行梳理，对实体企业配置金融资产行为的动机有了基本的了解，即实体企业进行金融资产配置的动机大致可以分为“融资约束动机”和“替代动机”两类。而后本文以2009-2018年中国A股上市非金融非房地产公司为研究样本，通过构建不同动机下的实证研究模型，实证分析了不同动机下实体上市公司金融资产配置与企业价值之间的关系。

本文通过实证研究发现，实体企业进行金融资产投资在整体上对于企业价值的提升具有促进作用。但是不同动机下，企业持有金融资产比例的不同会对企业价值产生不同的影响。其中，当企业进行金融资产投资主要是想缓解企业的融资约束，这在一定程度上并不能提升企业价值，相反，该动机越强，对企业价值提升的抑制作用越明显；当企业进行金融资产投资主要是出于替代经营资产的弱盈利性时，由于此时会对企业的经营资产产生挤出作用，损害了企业主营业务的长期发展，不利于企业长期健康发展，因此，出于此种动机的程度越强，对企业价值提升的抑制作用越显著。

关键词：实体企业；金融资产配置；企业价值

Abstract

With China's economy entering into the structural transformation period, China's macro-economy is slowing down, and the real economy is facing the dilemma of declining operating profit. However, the scale of the virtual economy industry such as finance and real estate is expanding rapidly, and the industry profits are still growing strongly. The profit-seeking nature of capital, the bad industrial environment and the lagging financial market make the entity enterprises enter the financial field by various means, driven by the profiteering of the financial industry, one important way to do this is to allocate large amounts of financial assets to corporate balance sheets.

Based on the above research background, this article first sorts out the relevant literature, and has a basic understanding of the motivation of entity companies to allocate financial assets. That is, the motivation of entity companies to allocate financial assets can be roughly divided into "financial constraint motivation" and "alternative "Motivation" two categories. Then this paper takes 2009-2018 China A-share listed non-financial non-real estate companies as a research sample, and constructs an empirical research model with different motivations to empirically analyze the relationship between financial asset allocation and corporate value of listed entities with different motivations.

Through empirical research, this paper finds that the investment of financial assets by an entity enterprise as a whole can promote the promotion of corporate value. However, under different motives, different proportions of financial assets held by an enterprise will have different effects on the value of the enterprise. Among them, when an enterprise invests in financial assets mainly to alleviate the financing constraints of the enterprise, this does not enhance the value of the enterprise to a certain extent. On the contrary, the stronger the motivation, the more obvious the inhibitory effect on the increase in enterprise value; when the enterprise conducts financial assets When the investment is mainly due to the weak profitability of alternative operating assets, since this will exert an extrusion effect on the operating assets of the enterprise, which damages the long-term development of the company's main business and is not conducive to the long-term healthy development of the enterprise, therefore, The stronger the degree of motivation, the more significant the inhibitory effect on corporate value increase.

Key Words: Entity Enterprise; financial asset allocation; enterprise value

目 录

目 录 1

第1章 绪论 3

1.1 研究背景 3

1.2研究意义 3

1.3研究内容与方法 3

1.3.1研究内容 3

1.3.2研究方法 3

1.4研究创新 4

第2章 文献综述 5

2.1金融资产配置的动机方面的文献综述 5

2.1.1国外金融资产配置动机方面的文献综述 5

2.1.2 国内金融资产动机方面的文献综述 5

2.2金融资产配置的经济后果方面的文献综述 5

2.2.1金融资产配置对企业实体投资的影响 5

2.2.2金融资产配置对企业价值的影响 6

第3章 理论分析与研究假设 7

3.1相关理论基础 7

3.1.1委托代理理论 7

3.1.2优序融资理论 7

3.1.3信息不对称理论 7

3.2研究假设 8

第4章 研究设计 9

4.1 样本选取与数据来源 9

4.2变量测量选择及说明 9

4.2.1金融资产的界定与分类 9

4.2.2变量的选取与定义 9

4.3模型设计与构建 11

第5章 实证结果分析 12

5.1描述性统计分析 12

5.2相关性分析 12

5.3回归结果分析 12

5.4稳健性检验 14

5.5本章小结 14

第6章 研究结论及政策建议 16

6.1 研究结论 16

6.2 政策建议 16

参考文献 17

致 谢 19

第1章 绪论