文章以2007—2020年沪深 A 股上市公司为研究样本,基于企业配置金融资产的预防性动机和逐利 性动机,考察社会信任对企业金融化的影响,发现社会信任水平增加能够提升企业金融化程度。机制检验显示,社会信任主要通过缓解融资约束、激发逐利性动机来提升企业金融化程度;相比于长期金融资产,社会信任更可能增加企业的短期金融资产配置。进一步检验经济后果发现:金融化对企业未来主业发展的负面影响只在社会信任水平较低时才会呈现。
Taking Shanghai and Shenzhen A-share listed companies from 2007 to 2020 as its research sample, the impact of social trust on the degree of enterprise financialization has been examined, based on the preventive motivation and profit-seeking motivation of enterprises to allocate financial assets, and finds that social trust can improve the degree of enterprise financialization. The mechanism test shows that social trust significantly increases the degree of enterprise financialization, mainly by alleviating financing constraints and stimulating enterprise profit-seeking motivation, and that social trust can increase enterprises' short-term financial asset allocation more significantly than that of long-term one. Further investigation on economic consequences implies that the negative impact of financialization on the future development of enterprise core business will only be exhibited in the case that the level of social trust is comparatively low.
Meng Yijun;Chen Hao;Zhu Xiaoling. Social Trust, Financialization and the Future Development of Enterprise Core Business[J]. Journal of Changsha University of Science & Technology Social Science,2023,38(5):77-89.