金融化适度性对企业全要素生产率的影响  

Influence of Moderation of Financialization on Enterprises ’ Total Factor Productivity

作　　者：彭若弘[1] 张若涵 PENG Ruohong;ZHANG Ruohan(School of Economics and Management,Beijing University of Posts and Telecommunications,Beijing 100876,China)

机构地区：[1]北京邮电大学经济管理学院,北京100876

出　　处：《北京邮电大学学报（社会科学版）》2023年第2期68-77,共10页Journal of Beijing University of Posts and Telecommunications(Social Sciences Edition)

摘　　要：以2011—2020年沪深A股非金融上市公司为研究样本,构建模型对企业金融化适度性进行甄别,并在此基础上探讨企业金融化适度性与企业全要素生产率之间的关系,并将企业创新作为路径变量加入模型进行中介效应分析。结果显示:企业过度金融化会阻碍企业全要素生产率的提升,而未过度金融化则表现为助推作用。作用机制检验显示,企业金融化适度性通过企业创新影响企业全要素生产率。进一步研究发现,金融化适度性对企业全要素生产率的影响具有企业产权异质性、行业异质性和规模异质性。研究结论表明,企业金融化存在最优水平,只有将企业金融化保持在适度水平,才能最大限度地助推企业提高生产效率,助力实体经济高质量发展。A-share non-financial listed companies in Shanghai and Shenzhen Exchanges from 2011 to 2020 are taken as samples.Moderation of enterprise financialization is identified by building model,on the basis of which the relationship between moderation of enterprise financialization and enterprises’total factor productivity is discussed,and innovation as a path variable is added to the model for intermediary effect analysis.The results show over-financialization inhibits the promotion of total factor productivity while under-financialization promotes it.The mechanism test shows moderation of enterprise financialization influences total factor productivity by innovation.Further research shows the influence is characterized by the heterogeneity of enterprises’property rights,industries and scales.The conclusion shows there is an optimal level of enterprise financialization.Only by keeping the enterprise financialization at an appropriate level,can enterprises maximize their productivity and help the high-quality development of the real economy.

关 键 词：金融化适度性 全要素生产率 高质量发展 企业创新 

分 类 号：F832.51[经济管理—金融学] F275