地区差异会影响金融与实体之间的相互转化程度吗?——基于我国制造业上市公司的微观视角  

Do Regional Differences Affect the Degree of Transformation between Financial Investment and Operating Profit?An Exploration from the Micro-perspective of Listed Manufacturing Companies

作　　者：徐立 吴文锋[1] Xu Li;Wu Wenfeng(Antai College of Economics and Management,Shanghai Jiao Tong University,Shanghai 200030)

机构地区：[1]上海交通大学安泰经济与管理学院,上海200030

出　　处：《管理评论》2021年第12期3-14,共12页Management Review

基　　金：国家自然科学基金项目(71850010,71772121,71790592)。

摘　　要：实体经营与金融投资的有机结合被认为是实现我国制造业由大到强崛起的一个重要途径。本文从我国地域特征着手,探讨了制造业企业金融资产和经营收益之间的资源配置选择与效率呈现出的地域性的差异。结果表明,东部地区上市企业经营收益越高,则会有更多资产投资于金融资产。但是,金融资产对经营收益的"挤占效应"却是西部地区更严重。而地区的金融市场发达程度、地方政府干预程度这两个地区软环境指标能够解释上述差异产生的原因。随着金融市场发达程度的增高和地方政府干预程度的下降,金融对经营收益"挤占效应"的负向边际效果逐渐下降,说明政府与市场环境的改善能够显著提升金融与实体之间的资源配置效率。因此,提高落后地区的软环境水平有利于引导制造业企业"脱虚向实"。The combination of operating profit and financial investment is considered as an important way to improve China’s manufacturing industry.This paper focuses on the geographical characteristics and discusses the effect of regional differences on the selection and efficiency of resource allocation between financial investment and operating profit.The results of this paper show that the higher operating income is earned by companies in eastern China,the larger investment will be made in financial assets,but the“squeezing effect”of financial assets on operating profit is more significant in western China.The indicators of these differences can be explained by the soft environmental indicators,namely,the degree of regional financial market development and the level of local government intervention.The negative effect of“squeezing effect”on operating profit is gradually declining as the degree of development of financial markets increases and the level of local government intervention declines,which indicates that improvements in government and market conditions can significantly improve the efficiency of resource allocation between finance and entities.This paper believes that improving the soft environment in backward areas can help pull manufacturing enterprises away from fictitious economy and toward substantial economy.

关 键 词：实体经营 金融投资 金融市场发达程度 地方政府干预程度 

分 类 号：F832.51[经济管理—金融学] F425