董盈厚1,马亚民1,董馨格2.金融资产配置、金融杠杆与现金流风险[J].审计与经济研究,2021,(5):
金融资产配置、金融杠杆与现金流风险
  
DOI:
中文关键词:  金融资产配置  金融杠杆  现金流风险  非效率资本配置  融资约束  资本结构  外部融资能力
英文关键词:financial asset allocation  financial leverage  cash flow risk  inefficient capital allocation  financing constraints  captial structure  external financing capacity
基金项目:辽宁省社会科学规划基金(L17BGL005)
作者单位
董盈厚1,马亚民1,董馨格2 1.辽宁大学 商学院辽宁 沈阳 1100312.东北大学 工商管理学院辽宁 沈阳 110169 
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中文摘要:
      金融资产会计安排是企业执行金融工具准则的重要环节,具有显著的经济后果。基于实体企业金融化现象,研究金融资产配置与现金流风险关系,分析金融杠杆的调节功能,探讨非效率资本配置的传导作用,研究发现:金融资产配置与现金流风险之间存在U型关系;金融杠杆能够调节金融资产配置与现金流风险的关系,使关系曲线拐点右移与扁平化。区分金融资产配置类型后发现:交易类金融资产与现金流风险呈U型关系;委托贷款等新兴金融资产负向影响现金流风险;投资性房地产和长期金融股权投资未显著影响现金流风险。考虑企业生命周期后发现,成长期与衰退期企业金融资产配置与现金流风险呈U型关系,成熟期企业金融资产配置负向影响现金流风险;按照产权性质分组检验发现,金融资产配置与现金流风险的关系以及金融杠杆的调节效应在非国有企业中更显著;机制检验发现,非效率资本配置在金融资产配置影响现金流风险的过程中发挥中介作用。
英文摘要:
      Financial assets accounting arrangement is an important part of the implementation of financial instruments standards, which has significant economic consequences. The existing literature focuses on the impact of financial asset allocation on economic behaviors. Based on the phenomenon of financialization, this paper studied the effect of financial asset allocation on cash flow risk, taking the moderation of financial leverage and explored the mediation of inefficient capital allocation into consideration. Eliminating heteroscedasticity, addressing endogenous concerns with 2SLS method, and testing robustness with Bootstrap method, the results show that there is a U shaped relationship between financial assets allocation and cash flow risk; financial leverage can moderate the relationship and weaken it while shifting the inflection point to the right. After distinguishing the types of financial asset allocation, the study finds that the relationship between market financial products and cash flow risk is U shaped; entrusted loans and other emerging financial assets negatively affect cash flow risk; investment real estate and financial equity investment do not significantly affect cash flow risk. After considering the life cycle stage of the enterprises, the study finds that there is a U type relationship between the financial asset allocation and cash flow risk in the growth and recession period; financial asset allocation negatively affect cash flow risk in the maturity period. By group test on the nature of property right, it can be concluded that the relationship between financial asset allocation and cash flow risk and the moderation of financial leverage are more significant in non state owned enterprises. Finally, after the exploration of the transmission path, the paper finds that inefficient capital allocation plays a mediating role in the process of financial asset allocation affecting cash flow risk.
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