Corporate financialization and fixed investment rate: Evidence from China

被引：45
|
作者：
Jin, Xiao Meng [1 ,2 ]
Mai, Yong [1 ]
Cheung, Adrian Wai Kong [3 ]
机构：
[1] East China Univ Sci & Technol, Sch Business, Shang Hai, Peoples R China
[2] Cai Tong Secur Co LTD, Shang Hai Branch, Shang Hai, Peoples R China
[3] City Univ Macau, Fac Finance, Macau, Peoples R China
来源：
FINANCE RESEARCH LETTERS | 2022年 / 48卷
基金：
中国国家自然科学基金;
关键词：
Corporate financialization; Fixed investment rate; CONSTRAINTS;
D O I：
10.1016/j.frl.2022.102898
中图分类号：
F8 [财政、金融];
学科分类号：
0202 ;
摘要：
This paper examines whether the relationship between corporate financialization and fixed investment rate is heterogeneous among China's listed non-financial enterprises. Using data from 2007 to 2016, we find that there is a negative relationship between corporate financialization and fixed investment rate. This result is consistent with the crowding out view that corporate investment in financial assets crowd out fixed investment. The relationship is moderated negatively (i.e., weakened) by monetary policy. We also find that this negative (moderating) relationship is more (less) pronounced in state-owned enterprises than in non-state-owned enterprises.
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页数：7
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