房地产企业金融化对财务风险的影响研究
Research on the Impact of Financialization of Real Estate Enterprises on Financial Risks

贯彻落实金融支持实体经济发展，促进房地产市场平稳健康发展背景下，研究房地产企业金融化对财务风险的影响具有重要意义。文章以2008年~2022年A股房地产上市公司为研究样本，实证探讨房地产企业金融化对财务风险的影响。研究表明：房地产企业金融化与财务风险呈U型关系，在经过稳健性检验后依然成立；进一步研究发现，企业杠杆率在房地产企业金融化与财务风险的关系中发挥中介作用。此外，异质性分析表明，房地产企业配置短期金融资产有利于缓解财务风险，而企业配置长期金融资产与财务风险呈U型关系。文章丰富了企业金融化与公司治理方面的研究，为平衡房地产行业的健康发展和金融风险的防控提供参考。
It is of great significance to study the impact of financialization of real estate enterprises on financial risk in the context of implementing financial support for the development of the real economy and promoting the stable and healthy development of the real estate market. The article takes A-share real estate listed companies from 2008 to 2022 as the research sample, and empirically explores the impact of financialization of real estate enterprises on financial risk. The study shows that the financialization of real estate firms has a U-shaped relationship with financial risk, which still holds after the robustness test; it is further found that corporate leverage plays an intermediary role in the relationship between financialization and financial risk of real estate firms. In addition, the heterogeneity analysis shows that real estate firms’ allocation of short-term financial assets is conducive to mitigating financial risk, while firms’ allocation of long-term financial assets has a U-shaped relationship with financial risk. The article enriches the research on enterprise financialization and corporate governance, and provides reference for balancing the healthy development of the real estate industry and the prevention and control of financial risks.