Abstract: This paper uses the panel data from 2007 to 2017 to study the impact of stock liquidity on corporate financialization. Different from the existing research, this paper not only considers the “stock liquidity—enterprise financialization” relationship, but also introduces local cultural factors into the above framework. The study finds that stock liquidity drives up the financial level of enterprises, and this relationship can last a long time. With the improvement of corporate financialization, stock liquidity plays a more significant role in boosting corporate financialization. The gambling culture is an important factor affecting the relationship between stock liquidity and corporate financialization. In areas with strong gambling culture, stock liquidity drive the financialization of enterprises to a higher level through financing constraints, information level and market media attention. It is found that the external institutional investors' shareholding and the internal control are effective means to overcome the above problems. In view of this, in order to curb the tendency of enterprises to shift its focus from the real economy to the virtual economy, not only the impact of stock market liquidity, but also the influence of the local culture should be taken into consideration. It is suggested that more efforts should be put into improving the internal and external governance mechanisms of enterprises.

Key words: Stock Liquidity, Gaming Culture, Financialization, Internal Control, Institutional Shareholding

摘要： 本文利用2007~2017年的面板数据,研究股票流动性对企业金融化的影响。与既有研究不同,本文不仅考虑“股票流动性—企业金融化”之间的关系,还开创性地将地方文化因素引入上述框架。研究发现,股票流动性驱动了企业金融化水平提升,这种关系在较长时期内都成立,而且随着企业金融化水平的提高,股票流动性对企业金融化的推波助澜作用更加明显。博彩文化是影响股票流动性与企业金融化关系的重要因素。在博彩文化氛围较强的地区,股票流动性会通过融资约束、信息水平乃至媒体关注等渠道驱动企业金融化水平进一步上升,而外部的机构投资者持股和内部的控制程度强化是克服上述问题的有效手段。有鉴于此,要抑制企业的脱实向虚倾向,不仅需要充分考虑资本市场股票流动性的影响,还必须将文化因素纳入分析框架中,并结合完善的内外部治理机制方能实现。

关键词: 股票流动性, 博彩文化, 金融化, 内部控制, 机构持股