上市公司购买理财产品会导致投资不足吗

被引：21

作者：

胡诗阳 ^{[1
]}

杨文君 ^{[2
]}

陆正飞 ^{[3
]}

机构：

[1] 重庆大学经济与工商管理学院

[2] 中国工商银行博士后科研工作站

[3] 不详

来源：

会计研究 | 2019年 / 10期

基金：

中国博士后科学基金;

关键词：

理财产品; 投资不足; 金融化;

D O I：

暂无

中图分类号：

F832.51 [];

学科分类号：

摘要：

本文以公司购买理财产品作为切入点,研究了公司金融化对投资不足的影响。本文的研究发现,总体上公司购买理财产品越多,投资效率越低,主要体现为投资不足的程度越高。在此基础上,如果公司当年购买了非银行理财产品,则对投资不足的影响更大。进一步的研究中,本文还检验了融资约束和微观经营环境不确定性对购买理财产品与投资不足两者关系的调节作用。我们发现融资约束越强,公司购买理财产品对投资不足的影响越大;微观经营环境不确定性越大,公司购买理财产品对投资不足的影响越大。

引用

页码：71 / 77

页数：7

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