企业金融化的发展趋势、经济后果与适度问题  

The Development Trend,Economic Consequences and Moderation of Enterprise Financialization

作　　者：黄晓波[1] 李双华 肖美秋 黄硕 HUANG Xiao-bo;LI Shuang-hua;XIAO Mei-qiu;HUANG Shuo(Business School of Hubei University,Wuhan Hubei 430062;Postal Savings Bank of China,Wuchang Branch,Wuhan Hubei 430010)

机构地区：[1]湖北大学商学院,湖北武汉430062 [2]中国邮政储蓄银行武昌支行,湖北武汉430010

出　　处：《湖南财政经济学院学报》2023年第2期5-16,共12页Journal of Hunan University of Finance and Economics

基　　金：湖北省哲学社会科学基金项目“治理结构、财务政策与公司价值”(项目编号:HBSK2018041)。

摘　　要：以中国非金融业上市公司为研究对象,对企业金融化的发展趋势、经济后果及其适度问题进行统计分析和实证检验,结果发现:非金融企业金融化趋势比较明显,而且呈持续上升态势;非金融企业金融化可以促进技术创新,提高发展能力;适度金融化有助于提升财务绩效、偿债能力和营运能力,降低公司风险;但“适度的金融化水平”很高,是近年来金融性投资收益率过高和风险较小导致的畸形结果;金融化是企业在特定环境条件下理性选择的结果。政府部门防控金融风险,防止“脱实向虚”,不能依靠直接干预企业的生产经营活动和投融资活动,而应从营造良好的外部环境方面进行引导、规范和监管,优化财税政策和货币政策,平衡实体经济投资和金融性投资的收益和风险。Taking the non-financial listed companies in China from 2009 to 2019 as the research object,the paper makes a statistical analysis and empirical test on the development trend,economic consequence and moderation of enterprise financialization.Through statistical analysis,it is found that the trend of non-financial enterprises'financialization is obvious and rising continuously.Through the empirical test,it is found that the financialization of non-financial enterprises can promote technological innovation and improve development ability,and the appropriate financialization can help to improve financial performance,solvency and operating ability,and reduce corporate risk.But the"moderate financialization level"is very high,which is the abnormal result caused by the fact that the financial investment rate of return is too high and its risk is small in recent years.The financialization is the result of the rational choice of the enterprise under the special environment condition.The government at all level control financial risks and prevent"from the real to the virtual",which cannot rely on direct intervention in the production and operation activities,and investment and financing activities of enterprises.Instead,they should guide,standardize and supervise by the creation of a good external environment,and optimize the fiscal and taxation policies and monetary policies to balance the benefits and risks of the real economic and virtual investments.

关 键 词：金融化 财务绩效 公司风险 技术创新 

分 类 号：F275.5[经济管理—企业管理]