如何治理企业脱实向虚?——基于利率市场化改革的效用识别、异质性特征与机制检验  

How to Correct the Financialization of Enterprises?——Based on the Utility Identification,Heterogeneity Characteristics and Mechanism Test of Interest Rate Marketization Reform

作　　者：李华民 邓云峰 吴非 LI Huamin;DENG Yunfeng;WU Fei(Regional Financial Policy Research Center, Guangdong University of Finance, Guangzhou,Guangdong 510521,China;Behavioral Finance and Regional Laboratory, Guangdong University of Finance, Guangzhou,Guangdong 510521,China)

机构地区：[1]广东金融学院区域金融政策研究中心,广东广州510521 [2]广东金融学院行为金融与区域实验室,广东广州510521

出　　处：《财经理论与实践》2020年第4期9-17,共9页The Theory and Practice of Finance and Economics

基　　金：国家自然科学基金面上项目(71874038);国家社会科学基金一般项目(18BJL071);广东省哲学社会科学“十三五”规划一般项目(GD16CYJ09);广州市哲学社会科学规划羊城青年学人项目(2020GZQN44)。

摘　　要：借助2007-2017年沪深两市A股上市公司数据,检验利率市场化对企业金融化的影响。研究发现:利率市场化能够有效治理企业的脱实向虚行为,且对不同状态企业的金融化行为有较强的异质性影响。机制研究表明,利率市场化能够降低企业债务融资成本,提升企业财务稳定性,这有助于驱动企业降低金融化水平。在现有范式基础上嵌入银行业发展因素,发现只有在较好的银行业发展基础上,利率市场化驱动企业去金融化的作用才能有效释放。为此,我国应进一步完善利率市场化的体制机制,针对不同经济主体提供差异化的政策支持,疏通利率市场化的传导渠道,从而抑制企业的脱实向虚倾向。With the help of the data of A-share listed companies in Shanghai and Shenzhen from 2007 to 2017,the impact of interest rate liberalization on corporate financialization was examined.The study found that the marketization of interest rates can effectively govern the disengagement and falsification of enterprises.In particular,interest rate liberalization has a strong heterogeneous effect on the financialization behavior of enterprises in different states.The mechanism research shows that the marketization of interest rates is enough to reduce the cost of debt financing of enterprises and improve the financial stability of enterprises,which all help to drive enterprises to reduce the level of financialization.Finally,embedding the development factors of the banking industry on the basis of the existing paradigm,it is found that only on the basis of a better development of the banking industry,the role of marketization of interest rates driving the definanization of enterprises can be effectively released.Based on this,China should further improve the system and mechanism of interest rate marketization,provide differentiated policy support for different economic entities,and unblock the transmission channels of interest rate marketization,so as to restrain the tendency of enterprises to become unrealistic.

关 键 词：利率市场化 金融化 银行业部门 中介效应 

分 类 号：F062.9[经济管理—政治经济学]