实体企业金融化对全要素生产率的影响研究  

Study on the Influence of Non-financial Enterprises’Financialization on Total Factor Productivity

作　　者：王华[1,2] 郭思媛 WANG Hua;GUO Si-yuan(School of Accounting,Zhongnan University of Economics and Laws,Wuhan 430073,China;Institute of Management Accounting and Performance,Zhongnan University of Economics and Laws,Wuhan 430073,China)

机构地区：[1]中南财经政法大学会计学院,湖北武汉430073 [2]中南财经政法大学管理会计与绩效研究所,湖北武汉430073

出　　处：《统计与信息论坛》2022年第1期55-64,共10页Journal of Statistics and Information

基　　金：广义虚拟经济研究专项《广虚视角下企业向虚拟价值创造转型:以中航工业的上市公司为例》(GX2014-1021(M))。

摘　　要：实体企业的发展是推动中国经济实现高质量发展的重要载体。越来越多的实体企业开展金融活动,其经济后果广受关注。以2008—2019年中国A股市场实体企业为样本,运用固定效应回归模型分析企业金融化对全要素生产率的影响及其影响路径。研究发现,现阶段金融化对全要素生产率具有抑制作用,企业金融化程度的加深会提高对全要素生产率的抑制程度,会表现出“套利”而非“反哺”。通过机制检验发现,商业信用与经营业绩在金融化对全要素生产率的影响过程中具有中介作用,企业的金融化选择行为会降低商业信用与经营业绩,从而导致全要素生产率下降,分别证明了“金融化程度—商业信用—全要素生产率”与“金融化程度—经营业绩—全要素生产率”两条作用路径的有效性。进一步研究发现,金融生态环境以及融资约束程度具有调节作用,金融化对全要素生产率的负面作用在金融生态环境较差以及融资约束程度较高的企业中更显著。基于实证结果,提出促进资源更多投入实体经济、净化金融生态环境、改善企业资源配置结构等措施,优化实体企业的金融化选择。The development of entity enterprises is an important carrier to promote Chinese economy.More and more non-financial enterprises are engaged in financial activities,and its economic consequences have attracted much attention.Based on this hot issue,the empirical data of non-financial enterprises in China’s A-share market from 2008 to 2019 are selected to study the influence and path of financialization of non-financial enterprises on total factor productivity(TFP)by using fixed effects regression model.It is found that the increase of financialization is mainly based on“arbitrage motivation”.Through the path analysis,business credit and operating performance have intermediary effects.The financialization of enterprises reduce these two indicators,leading to the decline of TFP.The two paths of“financialization degree business credit-total factor productivity”and“financialization degree operating performance-total factor productivity”have been proved to be effective.Further research shows that financial environment and financing constraint have regulatory effects on the relationship between financialization and TFP.In detail,the negative effect of financialization on TFP is more significant in the enterprises with poor financial environment and higher financing constraints.Some suggestions are proposed to optimize the financial choice of entity enterprises by promoting more resources into the real economy,purifying the financial ecological environment,and improving the resource allocation structure of enterprises.

关 键 词：实体企业 金融化 全要素生产率 脱实向虚 套利 反哺 固定效应回归模型 

分 类 号：F224.0[经济管理—国民经济] F275