企业委托理财对其非效率投资影响机制研究——基于 A股公司购买理财产品的分析
摘
要
随着我国金融业的快速发展，金融机构、产品、体系和技术的不断创新，促使虚拟
经济不断扩展延伸。自银行等金融机构发行委托理财产品以来，受到众多企业的青睐。
当前企业委托理财已成燎原之势，但是日益增长的理财规模、时常爆出的理财丑闻以及
上市公司委托理财导致的“脱实向虚”的现象，已引起人们对公司理财行为动机的质疑
和对其酝酿的风险问题的广泛关注和议论。上市公司在年报中大多声称其委托理财的动
机是配置闲置资金，优化资金的合理配置率，然而，目前已有研究表明，如果企业过度
进行金融资产投资，可能会挤占对主要项目的实体投资，阻碍公司长期稳定的发展。由
此可以说明，上市公司投资理财产品已经成为较为普遍的经济问题，因此，对企业委托
理财的动机及经济效应进行深入研究是非常有必要的。
本文依据 2012—2020年非金融业上市公司的相关数据，实证检验企业委托理财对
非效率投资的影响，探讨对于我国上市公司委托理财的经济后果，探讨委托理财对非效
率投资的影响机制，探讨企业处于何种情况下有利于减缓委托理财对非效率投资的正向
影响。
为解决上述问题，本文采用倾向匹配法（PSM），依据所选用的控制变量作为协变
量，通过从未购买理财产品的观测值与购买理财产品的观测值 1∶1 不放回近邻匹配法
配对，匹配后结果显示，实验组与对照组的主要特征与总体均值均无显著性差异，去掉
不匹配共同区域假定的样本，最后得到2012—2020年8076个公司年观测值。运用 Excel、
STATA等数据分析工具展开以下定量分析研究方法：第一，运用双固定非平衡面板回
归检验企业购买理财产品对其非效率投资的影响效应，运用分样本回归探究何种情况下
购买理财产品会导致企业投资不足或过度投资，以及企业何种类型理财产品对非效率投
资具有正向影响。并运用工具变量法、替换被解释变量测度方法、替换解释变量衡量方
法、剔除部分样本法进行内生性和稳健性检验。第二，运用目标投资量的调整速率模型
检验企业购买理财产品是否会通过影响目标调整速率，进而对非效率投资产生正向影
响。运用中介效应模型检验企业购买理财产品是否会通过影响资本成本、银企关系，进
而对非效率投资产生正向影响。第三，运用调节作用检验产权性质、上市年限、公司治
理水平、高管管理能力、行业竞争力五个方面分析是否对委托理财与非效率投资产生调
节作用。
依据实证检验结果得出了以下结论：第一，企业购买理财产品行为对非效率投资的
影响呈正向，具体体现在过度投资还是投资不足，关键是看购买理财产品规模大小，即
当购买理财产品规模较小时，购买理财产品促进企业过度投资，当购买理财产品规模较
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摘要
大时，购买理财产品导致企业投资不足。此外，企业购买理财产品行为对非效率投资的
影响呈正向，具体体现在投资类理财产品、自筹资金类理财产品、预计高收益率类理财
产品这三类理财产品。第二，企业购买理财产品会通过影响目标调整速率、资本成本、
银企关系，进而对非效率投资产生正向影响。第三，产权性质、上市年限、公司治理能
力、高管管理能力、以及行业竞争力对委托理财与非效率投资影响具有调节作用。
针对企业购买理财产品对非效率投资影响的研究结论，为上市公司、金融机构、监
管部门或政府相关部门制定减缓企业非效率投资政策制度提供理论参考，本文提出以下
政策建议：第一，合理配置理财产品，增强理财信息披露。第二，扎实搭建管理队伍，
提升高质量内部控制。第三，完善信贷融资体系，深化数字化转型改革。第四，完善金
融化法律制度，强化理财产品行为监管。
关键词：委托理财；购买理财产品；非效率投资；影响机制
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企业委托理财对其非效率投资影响机制研究——基于 A股公司购买理财产品的分析
Abstract
With the rapid development of my country's financial industry, the continuous
innovation of financial institutions, products, systems and technologies has prompted the
continuous expansion and extension of the virtual economy. Since banks and other financial
institutions issued entrusted wealth management products, they have been favored by many
enterprises. At present, the entrusted financial management of enterprises has become a
prairie prairie. However, the growing scale of financial management, the frequent financial
scandals and the phenomenon of "removing the real to the virtual" caused by the entrusted
financial management of listed companies have aroused people's doubts about the motives of
corporate financial management. Widespread attention and debate on its brewing risk issues.
Most listed companies claim in their annual reports that their motives for entrusting wealth
management are to allocate idle funds and optimize the reasonable allocation rate of funds.
However, current research has shown that if companies invest excessively in financial assets,
it may crowd out physical investment in major projects. hinder the long-term stable
development of the company. Therefore, it is very necessary to conduct in-depth research on
the motives and economic effects of entrusting wealth management products by listed
companies.
This thesis empirically examines the impact of enterprise entrusted financial
management on inefficient investment based on data related to non-financial listed companies
from 2012-2020, explores the economic consequences for China's listed companies entrusted
with finance, explores the mechanism of the impact of enterprise entrusted financial
management on inefficient investment, and explores the circumstances under which
companies are in a position to mitigate the positive impact of enterprise entrusted financial
management on inefficient investment.
In order to solve the above problems, this thesis adopts the propensity matching method
(PSM), according to the selected listed company-related control variables as covariates,
through the observations that have never purchased financial products and the observations
that have purchased financial products 1: 1, without returning to the nearest neighbors. The
matching method is used to match, and the results after matching show that there is no
significant difference between the main characteristics and the overall mean of the
experimental group and the control group. The samples that do not match the assumption of
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