金融业开放与企业经济绩效  

Financial Sector Openness and Firm Economic Performance

作　　者：金则杨 丁浩员 靳玉英[2,3] JIN Zeyang;DING Haoyuan;JIN Yuying(School of Finance and Business,Shanghai Nomal University,Shanghai 200233,China;College of Business,Shanghai University of Finance and Economics,Shanghai 200433,China)

机构地区：[1]上海师范大学商学院 [2]上海财经大学商学院 [3]上海财经大学科研处

出　　处：《金融评论》2022年第4期61-78,125,共19页Chinese Review of Financial Studies

基　　金：国家社会科学重大项目“新发展格局视阈下中国宏观调控跨周期设计与调节的理论与实验研究”(项目编号:21&ZD082);国家自然科学基金面上项目“社会网络、新市场进入与经济绩效研究”(项目编号:72173082);国家自然科学基金青年项目“后金融危机是旗下基于网络分析的实体经济联动性恢复研究”(项目编号:71703086)的资助。

摘　　要：2018年博鳌亚洲论坛上习近平总书记发表主旨演讲,宣布我国金融业将进一步扩大开放。本文将这次重要讲话作为金融业开放的标志性事件,构建广义双重差分模型考察金融业开放对企业经济绩效的影响。研究发现,总体上金融业开放显著提高了企业经济绩效。融资约束越严重的企业,事后经济绩效的正向作用越强,表明金融业开放缓解融资约束是改善企业经济绩效的重要渠道。投资类型异质性分析发现,相比金融领域投资,金融业开放导致的融资约束改善主要促进了企业实体领域投资。融资约束越严重,企业在金融业开放之后的实体领域投资增加越多。以上研究表明,金融业开放对我国企业绩效具有普遍的正向作用,企业融资约束的改善是该作用发生的重要机制。在金融业开放政策的激励下,企业加大了针对实体经济的投资力度,充分体现金融业开放实现了“金融服务实体”的战略定位。President Xi Jinping announced the further opening of the financial sector at the 2018 Boao Forum,a landmark event of economic reform. We examine the impact of opening up on firm economic performance using a general difference-in-difference methodology. Financial sector openings have improved the performance of firms in general.Furthermore,firms with tighter financing constraints perform better,suggesting that financial constraints are the primary channel of financial sector openness. As a result of the opening of the financial sector,firms tend to invest more in fixed assets than in financial assets. Firms with tighter financing constraints also tend to invest more. According to the findings,opening up the financial sector has increased firm performance,and firms with restrictive financial constraints perform better. In addition,firms also invest more in fixed assets after financial sectors open up. The openness of the financial sector is consistent with the national strategic positioning of a “financial service entity”.

关 键 词：金融业开放 企业经济绩效 融资约束 

分 类 号：F832.6[经济管理—金融学] F279.2F272.5