关键词: “互联网+”, “替代”动机, “蓄水池”动机, 企业金融资产配置

Abstract: With the panel data of China’s A-share non-real estate and non-financial listed companies in Shanghai and Shenzhen stock markets during the period of 2013—2017, this paper explores the impact of“Internet+”changes on the level of corporate allocation of financial assets, and empirically identifies the dominant motivation of“Internet +”enterprises changing their level of financial assets allocation. The results show that“Internet +”has significantly promoted the level of financial assets allocation in enterprises, and the purpose of those enterprises participating in the changes to increase their financial assets holdings is mainly out of the substitution motivation rather than the reservoir motivation. The positive impact of“Internet +”changes on the level of corporate financial assets allocation mainly exists in non-state-owned enterprises and the enterprises that are rapidly promoting“Internet +”. Therefore, the supervision departments should guard against the financialization tendency of the “Internet+” enterprises, further strengthen the administrative examination when allocating special funds, urge the relevant enterprises to disclose more detailed change information to strengthen the external supervision from the capital markets, ensure the supporting funds entering the production transformation link of micro-entities, formulate differentiated industrial policies that are more structural to guide enterprises to have different division of work, guide the state-owned enterprises to capture the core technology of“Internet +”and construct public platform, and allocate more social resources into the enterprises that are vigorous in“Internet+”changes and strengthen the supervision on them.

Key words: "Internet+", substitution motivation, reservoir motivation, corporate financial assets allocation