关键词: 融资约束, 金融资产, 银行贷款, 门槛效应

Abstract: In order to consolidate and strengthen the foundation of the real economy, it is necessary to prevent real enterprises from engaging in financial intermediary activities and prevent “the real-to-fictitious economy”. Based on the panel data of non-financial listed firms from 2003 to 2019, this paper classifies financial assets into fixed-yield and non-fixed-yield according to their different expected interest, and verifies the impact mechanism of different categories of financial assets on firms’ financial intermediary behavior. This paper also introduces financial constraint indicator and builds a fixed-effect panel threshold model to examine the nonlinear impact of financial constraints on firms’ financial intermediary behavior. The results show that firms’ financial intermediary behavior is heterogeneous due to different categories of financial assets. Due to arbitrage and loan transmission motives, corporate fixed-yield financial assets are positively correlated with bank loans, and the non-fixed-yield financial assets are negatively correlated with bank loans. Financial constraints have a threshold effect on firms’ financial intermediary behavior. As to the fixed-yield financial assets, firms with different financial constraints all have financial intermediary behavior. Among them, firms with high and low financial constraints engage less in financial intermediary behavior, while firms with medium financial constraints engage more in financial intermediary behavior due to increased precautionary motives. As to non-fixed-yield financial assets, firms with high and low financial constraints have no financial intermediary behavior, but firms with medium financial constraints exhibit financial intermediary behavior because of precautionary motives. This study provides useful references to evaluate their customers and to supervise bank loans according to the different degrees of financial constraints of firms, and clarify the mechanism of financial intermediary behavior so as to reduce market arbitrage space.

Key words: Financial Constraints, Financial Assets, Bank Loans, Threshold Effect