关键词: 金融化, 信息环境, 分析师预测, 融资成本

Abstract:

The importance of financing activities to enterprises is self-evident, and the level of financing costs largely depends on the quality of the firm information environment. Therefore, this paper studies how financialization affects the development of real enterprises from the perspective of the information environment by taking Chinese A-share non-financial listed companies from 2007 to 2017 as samples. The research shows that enterprises' financialization worsens the firm information environment, that is, financialization increases the errors and the divergence of analysts' forecasts, and reduces the number of analysts following. The above conclusion is more significant in the samples with worse corporate governance, greater operational pressure and lower analyst's skill. Further research indicates that financialization negatively influences analysts' forecasts by increasing earnings volatility, reducing earnings sustainability and accounting conservatism. Finally, the deterioration of the information environment brought by financialization increases the financing cost and finally harms firms' operation. This paper, from the perspective of the micro corporate information environment, reveals a new path by which firm financialization inhibits the development of the real economy, and provides a reference for the government to formulate relevant measures to restrain the problem of “from the real to the virtual” in the economic field.

Key words: Financialization, Information Environment, Analyst Forecast, Finance Cost