数字化转型背景下企业司库与企业内生金融化趋势  

Enterprise Treasurer and Enterprise Endogenous Financialization Trendunder the Background of Digital Transformation

作　　者：孙国茂 徐立波 梁占海 王铁霖 SUN Guo-mao;XU Li-bo;LIANG Zhan-hai;WANG Tie-lin(Shandong Technology and Business University,Yantai 264005,China)

机构地区：[1]山东工商学院金融学院,山东烟台264006 [2]山东高速集团有限公司,济南250098

出　　处：《山东工商学院学报》2023年第2期1-17,共17页Journal of Shandong Technology and Business University

基　　金：2022年度山东社科智库沙龙重大调研咨询项目“数字金融赋能经济高质量发展研究”(ZKSL-2022-zx005)。

摘　　要：国家关于国企数字化转型和司库体系建设的全面部署,对国企管理现代化和建设世界一流企业将产生深远影响。研究基于国资委提出的企业司库建设框架结构,系统阐述了企业司库的起源、本质和演化逻辑,分析了我国企业司库发展过程和与国外发展路径上的差异。针对国内相关研究的局限,提出企业司库的本质是企业内生金融化,属于公司金融或微观金融活动,是金融市场的一部分且具有“加杠杆”效应;在数字经济时代国企司库发展将呈现出数字化、平台化、智能化和影子银行化趋势;企业司库的影子银行特征是金融科技条件下管理资产规模越来越大和金融工具越来越多的结果,会增强银行对国企的信贷资源配置偏好。借鉴国际经验,提出我国应当在加快企业司库建设过程中完善制度设计,防止可能产生的系统性金融风险,确保实现建设世界一流企业的目标。The comprehensive deployment of the state on the digital transformation of state-owned enterprises and the construction of the treasurer system will have a profound impact on the modernization of state-owned enterprise management and the construction of world-class enterprises.Based on the framework of enterprise treasurer construction proposed by the State-owned Assets Supervision and Administration Commission(SASAC),the study systematically expounds the origin,essence and evolution logic of enterprise treasurers,and analyzes the development process of enterprise treasurers in China and the differences in the development path between China and foreign countries.In view of the limitations of relevant domestic research,it is proposed that the essence of corporate treasurer is endogenous finance of enterprises,which belongs to corporate finance or micro-financial activities,is part of the financial market and has the"leverage"effect;In the era of digital economy,the development of state-owned enterprise treasurers will show the trend of digitalization,platform-based,intelligent and shadow banking;The shadow banking characteristics of corporate treasurers are the result of the increasing scale of assets under management and the increasing number of financial instruments under the conditions of financial technology,which will enhance the preference of banks for the allocation of credit resources of state-owned enterprises.Drawing on international experience,it is proposed that China should improve the system design in the process of accelerating the construction of enterprise treasurers,prevent the possible systemic financial risks,and ensure the realization of the goal of building a world-class enterprise.

关 键 词：国企数字化转型 企业司库 公司金融 企业金融化 系统性风险 

分 类 号：F275.1[经济管理—企业管理] F832.5[经济管理—国民经济]