金融化对实体企业未来主业发展的影响:促进还是抑制

发布时间：2018-03-23 10:42

本文选题：实体企业金融化　切入点：未来主业业绩　出处：《中国工业经济》2017年12期

【摘要】：本文基于当前实体经济虚拟化这一热点问题,研究了实体企业金融化对未来主业发展的影响。理论上,实体企业金融化对企业未来主业的发展具有"蓄水池"和"挤出"两种不同的效应,二者的相对大小决定了金融化对实体企业未来主业发展影响的净效应。本文以2008—2014年中国A股上市公司为研究样本,并基于公司资产负债表数据,构建了微观企业金融化指标,实证结果发现:总体上,金融化损害了实体企业的未来主业业绩,表明金融化的"挤出"效应大于"蓄水池"效应。考虑到外部环境的调节效应,本文发现金融化的损害效应随着货币政策变宽松而加剧,而良好的金融生态环境则有助于削弱金融化对企业未来主业业绩的负面影响。进一步的作用机制检验表明,金融资产并未扮演"蓄水池"角色来缓解企业未来投资不足,金融化反而降低了企业的创新以及实物资本投资,并且创新和实物资本投资水平的下降是金融化对实体企业未来主业业绩影响的部分中介因子。最后,本文还发现,相比于非国有企业,金融化对未来主业业绩的损害效应在国有企业中更大。本文的研究为金融化影响实体经济提供了微观层面的经验证据,并且对于政府引导资金"脱虚向实"有一定的参考价值。
[Abstract]:Based on the hot issue of virtualization of the real economy, this paper studies the impact of the financialization of the entity enterprise on the future development of the main industry. The financialization of entity enterprises has two different effects on the future development of enterprises, namely "reservoir" and "extrusion". The relative size of both determines the net effect of financialization on the future development of entity enterprises. This paper takes Chinese A-share listed companies from 2008 to 2014 as a research sample and constructs a micro-enterprise financialization index based on the balance sheet data. The empirical results show that, on the whole, financialization harms the future performance of real enterprises, which indicates that the "crowding out" effect of financialization is greater than the "reservoir" effect. This paper finds that the damage effect of financialization is aggravated with the loosening of monetary policy, and the good financial ecological environment is helpful to weaken the negative effect of financialization on the future main business performance of enterprises. Financial assets did not act as a "reservoir" to alleviate the lack of investment in the future. Instead, financialization reduced innovation and physical capital investment. And innovation and the decline of the level of real capital investment are some mediating factors of the impact of financialization on the future performance of entity enterprises. Finally, this paper also finds that, compared with the non-state-owned enterprises, The effect of financialization on the future performance of the main industry is even greater in the state-owned enterprises. The research in this paper provides microcosmic empirical evidence for the financialization to affect the real economy, and has certain reference value for the government to guide the funds to "get rid of the virtual reality".
【作者单位】：西南大学经济管理学院会计系;西南大学经济管理学院;
【基金】：国家自然科学基金面上项目“社会资本视域下的中国上市公司亏损逆转质量:结构特征、驱动机理与经济后果”(批准号71572153) 西南大学人文社会科学重大培育项目“社会资本视域的中国上市公司亏损逆转质量研究”(批准号15XDSKZD005) 中央高校基本科研业务费专项资金项目重大培养项目“新常态下管理者亏损风险感知对公司金融化行为偏差的影响机理及经济后果研究”(批准号SWU1709201)
【分类号】：F279.2;F832

【相似文献】