%0 Journal Article
%T 国有企业金融化、股票流动性和企业价值<br>State-Owned Enterprise Financialization, Stock Liquidity, and Enterprise Value
%A 郑博予
%A 郭继辉
%J E-Commerce Letters
%P 2574-2588
%@ 2168-5851
%D 2024
%I Hans Publishing
%R 10.12677/ecl.2024.132316
%X 选取2015~2021年深沪两市A股上市国有企业作为研究对象，深入研究了国有企业金融化对企业价值的影响，并探讨了企业金融化和企业价值的二者之间的关联路径。结果表明：国有企业金融化对于企业价值影响效应与企业金融化水平有关，发现：金融化程度与国有企业价值有明显的负相关关系，当企业金融化水平过高金融化对国有企业的价值产生负面影响，“挤出效应”更明显，同时股票流动性作为国有企业金融化和企业价值之间的中介变量，部分中介效应显著存在，即企业金融化的提升通过降低股票流动性从而降低企业价值。<br />
Selecting A-share listed state-owned enterprises in the Shenzhen and Shanghai stock markets from 2015 to 2021 as research objects, this paper deeply studies the influence of state-owned enterprise financialization on enterprise value, and discusses the correlation path between enterprise financialization and company value. The results show that effect of state-owned enterprise financialization on enterprise value is related to the level of enterprise financialization, and it is found that there is a significant negative correlation between the level of enterprise financialization and the value of state-owned enterprises. When the level of enterprise financialization is too high, the melting of gold has a negative impact on the value of state-owned enterprises, and the “crowding out effect” is more obvious. At the same time, stock liquidity, as a mediating variable between the financialization of state-owned enterprises and enterprise value, some intermediary effects exist obviously, that is, the promotion of enterprise financialization reduces enterprise value by reducing stock liquidity.
%K 企业金融化，企业价值，国有企业，中介效应<br>Enterprise Financialization
%K Enterprise Value
%K State-Owned Enterprises
%K Mesomeric Effect
%U http://www.hanspub.org/journal/PaperInformation.aspx?PaperID=87585