契约执行效率与实体企业金融化  

Contract Enforcement Efficiency and Corporate Financialization

作　　者：胡士华[1] 王蓬 HU ShiHua;WANG Peng(Southwest University,Chongqing 400715)

机构地区：[1]西南大学,重庆400715

出　　处：《财贸研究》2022年第6期80-90,100,共12页Finance and Trade Research

基　　金：国家社会科学基金一般项目“二元均衡视角下房地产过度金融化及其治理研究”(20BJY072);国家自然科学基金项目“成员文化特性对农产品供应链合作的影响研究——以云南为例”(71663056);中央高校基本科研业务专项资金资助项目“财政支农资金撬动金融资金投入乡村问题研究”(SWU1909033、19SWUJCZXB5)。

摘　　要：以2008—2019年沪深A股制造业上市公司为样本,考察契约执行效率对实体企业金融化的影响。研究发现:契约执行效率提升对实体企业金融化具有显著的抑制作用,且对专用性中间品密集度越高的企业金融化抑制作用更强。异质性检验结果显示,契约执行效率提升仅能显著抑制国有企业、东部地区企业的金融化水平;随着专用性中间品密集度的提高,契约执行效率仅对民营企业、东部地区企业的金融化水平存在显著抑制作用。Taking A-share listed manufacturing companies in Shanghai and Shenzhen from 2008 to 2019 as samples,this paper examines the impact of contract enforcement efficiency on corporate financialization.The results show that the improvement of contract enforcement efficiency has a significant inhibitory effect on corporate financialization,and has a stronger inhibitory effect on the financialization of enterprises with higher density of specialized intermediates.Heterogeneity analysis finds out that the improvement of contract enforcement efficiency can only significantly inhibit the financialization level of state-owned enterprises and enterprises in the eastern region,and with the increase of the intensity of specific intermediate products,it can only significantly inhibit the financialization level of private enterprises and enterprises in the eastern region.

关 键 词：不完全契约 契约执行效率 专用性中间品密集度 实体企业金融化 

分 类 号：F272.3[经济管理—企业管理]