【摘要】 基于我国A股涉农上市企业2007—2018年数据,运用面板固定效应模型实证分析涉农企业金融化对企业财务风险水平的影响。结果表明,总体上涉农企业金融化"替代"动机强于"蓄水池"动机,且显著提高企业财务风险水平。研究发现,不同类型金融资产对企业财务风险水平影响不同。具体而言,交易类金融资产对企业财务风险影响不大,投资类金融资产对企业财务风险的增大具有显著正向促进作用。当企业持有的投资类金融资产比例越高,尤其是投资性房地产持有比例越高时,企业财务风险水平将越高。通过多种方法作稳健性检验后,研究结论仍然成立。基于此,应加强金融监管,降低涉农企业赋税负担,合理配置金融资产,以减缓其基于"替代"动机产生的金融化趋势并降低财务风险水平。更多还原

【Abstract】 Based on the data of Chinese A-share listed agriculture-related enterprises from 2007 to 2018, the panel fixed effect model was used to empirically analyze the influence of financialization of agriculture-related enterprises on the financial risk level of enterprises. The results showed that substitution motivation of financialization of agriculture-related enterprises was stronger than reservoir motivation, and significantly improved the financial risk level faced by enterprises. Further researches showed that different types of financial assets had different effects on the risk level of enterprises. Specifically, transaction financial assets had few impact on the financial risk of enterprises, while investment financial assets had a significant positive effect on the enhancement of enterprise risk. When the proportion of investment financial assets held by enterprises was higher, especially the proportion of investment real estate, the financial risk level of enterprises would be higher. After the robustness test by various methods, the conclusion of this paper was still valid. Based on the research conclusions, financial supervision should be strengthened, the tax burden of agriculture-related enterprises should be reduced, and rationally allocating financial assets should be encouraged too, so as to slow down the trend of financialization based on substitution motivation and reduce the risk level of agriculture-related enterprises.更多还原