中国实体企业金融化适度性的甄别模型构建与运用  

Discrimination of Financialization Appropriateness of Chinese Entity Enterprises:Modeling and Application

作　　者：王少华[1] 郭伟[1] 黄贤环 WANG Shao-hua;GUO Wei;HUANG Xian-huan(Shanxi University of Finance and Economics.Taiyuan 030006,China)

机构地区：[1]山西财经大学会计学院,山西太原030006

出　　处：《江西财经大学学报》2020年第4期3-14,共12页Journal of Jiangxi University of Finance and Economics

基　　金：山西省社会、经济、统计科学研究课题“山西省企业金融化适度性的甄别——理论逻辑与测度模型”(KY〔2019〕120);山西省软科学研究计划项目“基于供应链关系视角的山西实体企业金融资产适度配置与创新”(2019041015-5);山西省“1331工程”重点创新团队建设计划(晋教科〔2017〕12号)。

摘　　要：企业适度金融化是维持利润增长的同时实现企业长期发展的必然要求。基于金融可持续发展理论,从股东价值最大化视角对企业金融化适度性的内涵进行了界定,并构建科学、合理的模型对中国实体企业金融化的适度性进行甄别。结果发现:从2008—2017年,中国实体企业的金融化行为不断深化,整体上已呈现出过度金融化的特征;且过度金融化企业占比接近一半,其中2008年过度金融化企业占比最高,2013年开始有所下降。进一步分析发现,企业从未过度金融化转向过度金融化以后,企业的金融资产规模会显著增大;同时,过度金融化会降低企业主业利润占比,增加金融渠道获利,减少固定资产和无形资产的投资,降低全要素生产率,阻碍企业发展;而未过度金融化则会提升主业利润占比,促进固定资产投资,提高企业全要素生产率,助力企业发展。研究结论为金融化的相关理论研究提供了新的测度方法,对科学甄别和有效监管企业过度金融化,防止实体经济脱实向虚具有重要意义。The moderate financialization of enterprises is an inevitable requirement for the enterprises to achieve lone-term development while maintaining profit growth.Based on the theory of financial sustainable development,this paper defines the connotation of the corporate financialization appropriateness from the perspective of maximization of shareholder value and constructs a scientific and reasonable model to discriminate the appropriateness of financialization of Chinese entity enterprises.The results show that from 2008 to 2017 the financialization conducts of Chinese entity enterprises are constantly deepening and present a tendency of over-financialization as a whole.And the proportion of the over-financialized enterprises is nearly half,among which the proportion of the over-financialized enterprises is the highest in 2008,and it has declined since 2013.Further analysis shows that the scale of financial assets of the enterprises will increase significantly when the enterprises turn from not over-financialized into over-financialized.At the meantime,over-financialization will lead to a decrease of the proportion of profits from the main business,an increase of the profits from financial channels,a decrease in investment in fixed assets and intangible assets,and a decrease in total factor productivity,which will hinder the development of enterprises.While not over-financialization will increase the proportion of profits from the main business,promote the fixed asset investment,improve the total factor productivity,which will promote the development of enterprises.Such research conclusions can provide new measurement method for the related theoretic researches of financialization and have significant meanings for scientific discrimination and effective supervision of corporate over-financialization,and for prevention of the real economy from being real to being virtual.

关 键 词：金融可持续发展理论 股东价值最大化 金融化适度性 甄别模型 

分 类 号：F830[经济管理—金融学]