物权制度改革对实体企业金融化的影响研究——基于《物权法》颁布的准自然实验  

Research on the Impact of the Property Right Reform on the Financialization of Entity Enterprises——Evidence from the Quasi-natural Experiment of Property Law Enactment in China

作　　者：卢现祥[1] 马振邦 Lu Xian-xiang;Ma Zhen-bang(School of Economics,Zhongnan University of Economics and Law,Wuhan Hubei 430073)

机构地区：[1]中南财经政法大学经济学院,湖北武汉430073

出　　处：《经济纵横》2023年第4期55-68,共14页Economic Review Journal

基　　金：国家社会科学基金项目“高质量发展下制造业技术创新提升价值链的组织模式研究”(编号:19BJL090)的成果。

摘　　要：法律环境是影响企业投资决策的核心因素之一,完善的产权制度能够激励企业实施长期性的经营计划与安排。本文基于2007年《物权法》颁布的外生冲击,选取我国A股上市非金融民营企业数据,构建广义双重差分模型并检验了物权制度改革对实体企业金融化的因果影响及作用机制。研究发现,《物权法》颁布后,固定资产占比更低的企业金融化程度显著下降。机制分析结果显示,《物权法》颁布通过缓解企业融资约束和增强企业实业投资水平,有效弱化了实体企业“脱实向虚”。异质性分析结果表明,物权制度改革对企业金融化的弱化效应呈现一定差异:《物权法》颁布对企业金融化的弱化效应在法律执行效率较高地区、金融发展相对滞后地区更为显著,在中小企业中更为显著。本研究揭示了产权制度环境是影响企业金融化的重要因素,为产权激励效应提供了来自微观企业的新证据。同时,对我国通过完善法律制度深入推进国家治理体系和治理能力现代化,以持续优化的法治化、市场化营商环境,助力实体企业“脱虚向实”和经济高质量发展具有重要启示。Legal environment is one of the core factors influencing enterprises’investment decisions.A sound property right system can motivate enterprises to implement long-term business plans and arrangements.This paper constructs a generalized difference in difference model and examines the causal effect and mecha-nism of property right reform on enterprise financialization,which uses the implementation of Property Law in 2007 as a quasi-natural experiment and selects the data of China’s A-share listed non-financial private en-terprises from 2003 to 2009.We find that this reform leads to a significant decline in enterprise financialization and the effect is more pronounced for those enterprises with a lower proportion of fixed assets.Further mecha-nism analysis indicates that the reform effectively restrains financialization of entity enterprises by alleviating fi-nancing constraints and enhancing the fixed investment.Furthermore,results in heterogeneity analysis show that the extent of the legal effect on enterprise financialization is greater in regions with more efficient law en-forcement or financial development.Also,the weakening effect of the reform on the enterprise financialization of SMEs is more pronounced than on large enterprises.This paper not only expands the external institutional factors on enterprise financialization,but also provides new evidence at the enterprise level in effect evaluation of Property Law in China.It is of theoretical and practical significance for further strengthening the reform of the property right system in order to promote real enterprises to get rid of the tendency of financialization and the high-quality development of real economy with a more sustainable business environment.In particular,for SMEs and private enterprises in the post-epidemic era,the external financing environment should be improved through fair and effective property rights protection and system innovations such as security and mortgage,and intellectual property pledge,so as to promote enterprises to enhan

关 键 词：《物权法》 物权制度改革 企业金融化 双重差分法 产权激励 

分 类 号：F832.51[经济管理—金融学]