产业政策与企业“脱实向虚”:市场导向还是政策套利  

Industrial Policy and Enterprises’ Transition from Real Economy to Virtual Economy: Market Orientation or Policy Arbitrage?

作　　者：于连超 张卫国[2] 毕茜[2] Yu Lianchao;Zhang Weiguo;Bi Qian(School of Management,Lanzhou University;School of Economics and Management,Southwest University)

机构地区：[1]兰州大学管理学院 [2]西南大学经济管理学院

出　　处：《南开管理评论》2021年第4期128-140,I0024,I0025,共15页Nankai Business Review

基　　金：国家社会科学基金项目(17BJY060)资助。

摘　　要：近年来,企业金融化趋势日益明显,且形成了“脱实向虚”效应。现有研究大多认为,企业金融化是金融市场发展、外部盈利压力、股东价值观念等因素作用的结果,却忽视了政府干预的影响。基于此,本文以产业政策为研究视角,考察产业政策对企业金融化的影响及其机制发现:产业政策会显著地促进企业金融化,表现为企业政策套利行为。考察调节因素后发现,当市场套利空间越大时,企业政策套利行为愈显著;当金融生态环境越好时,企业政策套利行为会减弱。探索传导路径发现,产业政策主要通过融资套利路径促进企业金融化,行业套利路径和寻租套利路径不成立,即产业政策通过缓解企业融资约束和降低企业融资成本促进企业金融化。因此,政府干预过度或干预不恰当都会促使企业提高金融资产配置来进行政策套利,致使企业金融化趋势更加显著,进而抑制实体经济发展。为了破解这一困境,政府应通过建立恰当的政府干预机制、培育良好的金融市场环境等措施来抑制企业“脱实向虚”,以推进经济高质量发展。In recent years,the trend of corporate financialization has become more and more obvious,and an effect of transition from real economy to virtual economy has been formed.The corporate financialization may either promote investment in their main business,which is a“reservoir”effect,or inhibit investment in their main business,which is a crowding out effect.At present,China’s corporate financialization mainly shows the crowding out effect.At the same time,the corporate financialization will also increase the risk level of enterprises,such as stock price crash risks and business risks.If the trend of corporate financialization is not effectively curbed,it will inevitably lead to large-scale financial risks and seriously inhibit the development of the real economy.Most of the existing studies consider that corporate financialization is the result of financial market development,external profit pressure,and shareholder’s value proposition,ignoring the impact of government intervention.China is in a critical period of economic transformation,and government intervention plays a pivotal role.Through using monetary policy,fiscal policy,industrial policy and other intervention tools,the government regulates macroeconomic operations to a certain extent,while also profoundly affecting the behavior of micro enterprises.In the process of transition from real economy to virtual economy,if the role and position of government behavior is neglected,it will lead to incomplete or even misjudged perception of the corporate financialization,so that we cannot make targeted policy design to curb the excessive corporate financialization and promote high-quality development of the real economy.However,the industrial policy,as an important government intervention tool in China,has been controversial in its effectiveness and generally suffered from excessive incentives.To this end,this paper selects the industrial policy as a research perspective to explore the impact of industrial policy on the corporate financialization.Theoretica

关 键 词：产业政策 企业金融化 市场套利空间 金融生态环境 

分 类 号：F120[经济管理—世界经济] F832F279.2