核心竞争力能够抑制实体企业金融化吗?——基于文本分析的经验证据  

Can core competence restrain the financialization of entity enterprises?——Empirical evidence based on textual analysis

作　　者：王化成[1] 毕紫岚 孙昌玲 WANG Huacheng;BI Zilan;SUN Changling(Business School,Renmin University of China,Beijing 100872,China;Business School,Beijing Normal University,Beijing 100875,China)

机构地区：[1]中国人民大学商学院,北京100872 [2]北京师范大学经济与工商管理学院,北京100875

出　　处：《中国软科学》2023年第1期114-133,共20页China Soft Science

基　　金：中国人民大学重大规划项目“价值网平台企业的数据优势与资本运营”(2021030218)。

摘　　要：实证检验核心竞争力对实体企业金融化的影响。研究发现:核心竞争力能抑制企业金融化。机制检验表明,核心竞争力强的企业通过提升主业业绩、扩大企业实体投资与金融投资收益率之差,降低金融化的“套利动机”,通过缓解融资约束降低金融化的“预防动机”,进而抑制金融化行为。研究结果丰富了核心竞争力经济后果及企业金融化影响因素的相关文献,亦对如何规避企业“脱实向虚”、促进经济高质量发展提供了理论指导与经验借鉴。We empirically test the impact of core competence on the financialization of entity enterprises in this paper.This research finds that core competence can restrain the financialization of entity enterprises,and the mechanism test reveals that firms with strong core competences have two main mechanisms to inhibit financialization:1)reducing the“profit-seeking motivation”by improving the performance of their main business and expanding the difference between the return on real and financial investment;2)reducing the“reservoir motivation”by alleviating financing constraints.This paper enriches the literature on the economic consequences of core competence and the influencing factors of corporate financialization.At the same time,it provides theoretical guidance and practical significance for entity enterprises and regulators to“stop them being distracted from their intended purpose”,which promotes the high-quality development of economy.

关 键 词：企业金融化 核心竞争力 套利动机 预防动机 

分 类 号：F272[经济管理—企业管理] F275[经济管理—国民经济]