企业金融化对全要素生产率的影响--基于固定效应模型与门槛模型的实证研究  

Impact of Enterprise Financialization on Total Factor Productivity:An empirical study based on fixed effect model and threshold model

作　　者：杨永淼[1] 孔钰莹 YANG Yongmiao;KONG Yuying(School of Economics and Management,Shandong Agricultural University,Tai’an 271000,China)

机构地区：[1]山东农业大学经济管理学院,山东泰安271000

出　　处：《山东财经大学学报》2022年第6期52-62,84,共12页Journal of Shandong University of Finance and Economics

基　　金：山东省社会科学规划研究智库项目“服务于乡村振兴战略的山东省农村公共服务资源配置研究”(19CZKJ22);。

摘　　要：在我国经济“脱实入虚”趋势逐渐加深的背景下,运用2011—2020年中国A股上市非金融公司为样本,采用固定效应模型与门槛模型,探究了企业金融化对全要素生产率的影响。研究发现:在固定效应模型下,企业金融化的双重效应决定了企业金融化和全要素生产率之间的“倒U型”非线性关系,企业金融化在一定区间内会促进全要素生产率增长;在拐点之后的区间内会抑制全要素的增长。门槛模型表明,在金融化程度、企业成长性、外部环境不确定性等不同门槛变量下,企业金融化和全要素生产率呈现出不同的区间效应。研究对于管理者综合考虑企业的内外部条件确定金融化的合理区间,提升企业资本运作效率,实现经济高质量发展有一定的借鉴意义。Under the background of the gradual deepening trend of China economy“shifting from entity enterprise to virtual enterprise”,this study explores the impact of enterprise financialization on total factor productivity by taking China A-share listed non-financial companies from 2011 to 2020 as sample and using threshold regression model and fixed effect model.It is found that the dual effects of enterprise financialization determine the“inverted U”nonlinear relationship between enterprise financialization and total factor productivity,and enterprise financialization can promote the growth of total factor productivity within a certain range while suppressing the growth of total factors in the interval after the inflection point.And it is further pointed out that under different threshold variables such as financialization degree,enterprise growth and external environment uncertainty,enterprise financialization and total factor productivity present different interval effects.This study has certain reference significance for the controllers to determine a reasonable range of financialization by comprehensively considering the internal and external conditions of the enterprises,promote the efficiency of enterprise capital operation,and achieve high-quality economic development.

关 键 词：企业金融化 全要素生产率 门槛模型 

分 类 号：F275.6[经济管理—企业管理]