从微观视角理解经济“脱实向虚”——企业金融化相关研究述评  

Understanding the Economic Shifting “from Real to Virtual” from the Micro Perspective: A Literature Review of Corporate Financialization

作　　者：戴赜[1] 彭俞超 马思超[2,3] Dai Ze;Peng Yuchao;Ma Sichao(School of Finance,Renmin University of China,Beijing 100872,China;School of Finance,Central University of Finance and Economics,Beijing 100081,China;AIIB Institute,Central University of Finance and Economies,Beijing 100081,China)

机构地区：[1]中国人民大学财政金融学院,北京100872 [2]中央财经大学金融学院,北京100081 [3]中央财经大学亚投行研究中心,北京100081

出　　处：《外国经济与管理》2018年第11期31-43,共13页Foreign Economics & Management

基　　金：中国博士后科学基金面上项目(2016M600156);国家自然科学基金项目(71603304);教育部哲学社会科学研究重大课题攻关项目(16JZD017)

摘　　要：企业金融化是经济"脱实向虚"的微观表现形式。本文从微观企业视角,对关于企业金融化的前沿研究进行了梳理和述评,着重辨析了经济金融化与企业金融化的概念差异,划分了企业金融化的不同类型,并分析了企业金融化的不同成因及其对经济发展的不同影响。以分散风险、缓解融资约束为目的的企业金融化能够提升企业的经营效率,促进经济发展;因银行融资歧视形成的企业金融化和因资产价格泡沫形成的企业金融化会削弱金融稳定,阻碍经济发展。本文有助于研究者进一步从微观视角理解"脱实向虚",有针对性地研究不同类型的企业金融化,并提出差异化的政策建议。From the perspective of micro enterprises,this paper reviews the frontier research on enterprise finance,analyzes the differences in the concept of economic finance and enterprise finance, divides the different types of enterprise finance,and analyzes the different causes of enterprise finance and its different impacts on economic development.Firstly,according to the definition of enterprise finance,we can come into the two aspects of profits and assets to measure the degree of enterprises engaged in financial investment activities.In general,the higher the financial degree of enterprises is, the higher the proportion of financial assets held in the total assets is,and the higher the proportion of the income obtained through financial investment to the total profit is.By directly using the detailed data of enterprise balance sheet and profit statement,we can measure the degree of corporate finance. Secondly,through the study of different views,we divide the relevant explanations of the motivation of enterprise finance into three categories:"reservoir"theory,"investment substitution'theory and"entity intermediary"theory."Reservoir"theory holds that the purpose of enterprises to hold financial assets is the liquidity reserve to prevent the break risk of the capital chain caused by the cash flow impact."Investment substitution'theory holds that the purpose of enterprises'finance is to maximize the profit,so that when the yield of financial investment is higher than the real economic investment, enterprises are more profitable.It will replace the real economic investment with the investment of financial assets."Entity intermediary'theory holds that because of the existence of banks'financing discrimination,some enterprises are easy to obtain funds from banks,but the production efficiency is low,so the money is obtained from banks and then transferred to other enterprises,that is,non-financial enterprises engage in business similar to financial intermediaries. In general,although the economy is"debased and virtual",wh

关 键 词：企业金融化 脱实向虚 虚拟经济 

分 类 号：F270[经济管理—企业管理]