文献类型：期刊文献

英文题名：Corporate financialization and fixed investment rate: Evidence from China

作者：Jin, Xiao Meng[1,2];Mai, Yong[1];Cheung, Adrian Wai Kong[3]

机构：[1]East China Univ Sci & Technol, Sch Business, Shang Hai, Peoples R China;[2]Cai Tong Secur Co LTD, Shang Hai Branch, Shang Hai, Peoples R China;[3]City Univ Macau, Fac Finance, Macau, Peoples R China

年份：2022

卷号：48

外文期刊名：FINANCE RESEARCH LETTERS

收录：;WOS:【SSCI(收录号:WOS:000799777200015)】；

基金：This work was supported by the [Major Research Program of national Natural Science Foundation of China] under Grant [number 92146002] .

语种：英文

外文关键词：Corporate financialization; Fixed investment rate; Corporate financialization; Fixed investment rate

摘要：This paper examines whether the relationship between corporate financialization and fixed investment rate is heterogeneous among China's listed non-financial enterprises. Using data from 2007 to 2016, we find that there is a negative relationship between corporate financialization and fixed investment rate. This result is consistent with the crowding out view that corporate investment in financial assets crowd out fixed investment. The relationship is moderated negatively (i.e., weakened) by monetary policy. We also find that this negative (moderating) relationship is more (less) pronounced in state-owned enterprises than in non-state-owned enterprises.