商业银行监管能够抑制实体经济“脱实向虚”吗——基于实体企业金融化视角的研究  

HAS COMMERCIAL BANK SUPERVISION RESTRA INED THE REAL ECONOMY FROM“REMOVING FROM REALITY”——Evidence from the Perspective of Financialization of Entity Enterprises

作　　者：孟庆斌[1] 刘建涵 谢沛林 MENG Qingbin;LIU Jianhan;XIE Peilin(School of Business,Renmin University of China)

机构地区：[1]中国人民大学商学院,100872

出　　处：《经济理论与经济管理》2023年第4期36-52,共17页Economic Theory and Business Management

基　　金：国家自然科学基金项目(72072178,71772174)的资助。

摘　　要：近年来中国实体经济“脱实向虚”问题日趋严峻,金融系统风险不断累积。在这一背景下,本文以2009年一季度至2020年四季度A股非金融类上市公司为样本,从微观视角出发,考察了商业银行监管对实体企业金融化的影响,探究金融监管政策能否发挥促进实体经济“脱虚向实”的重要作用。研究发现,加强商业银行监管显著降低了实体企业的金融化水平。该结果在考虑了内生性、测试了回归模型敏感性之后依然成立。机制检验表明,商业银行监管能够收窄企业金融-实体收益缺口,提高企业信息透明度,进而抑制其金融化水平。进一步研究表明,商业银行微观审慎监管对企业金融化行为的抑制效果更显著,但宏观审慎监管与微观审慎监管相互配合能够提升各自的效果。本文的研究明确了金融监管对微观企业的作用路径,构建了中国商业银行审慎监管指标体系的同时进一步探究了它的微观影响,为政府通过宏观调控引导实体经济“脱虚向实”提供了决策依据。In recent years,the problem of"removal from reality"in China's real economy has become increasingly serious,and the risks in financial system are accumulating.In this context,this paper takes A-share non-financial listed companies from the first quarter of 2009 to the third quarter of 2019 as samples,from the perspective of micro-entities,examines the impact of commercial bank supervision on the financialization of entities and explores whether the commercial bank supervision policy can play an important role in making the real economy"removing back to reality".This paper finds that strengthening commercial bank supervision has significantly reduced the level of financialization of entities.This result is still valid after considering the endogenousness and testing the sensitivity of the regression model.The mechanism test shows that the supervision of commercial banks can narrow the gap between financial income and entity income,improve the transparency of corporate information,and thereby inhibits its financialization.Further research has shown that micro-prudential supervision of commercial banks has a more significant inhibitory effect on corporate financialization,but the coordination of macro-prudential supervision and micro-prudential supervision can enhance their respective effects.This paper clarifies the role of financial regulation on micro enterprises,constructs a prudential supervision indicator system for Chinese commercial banks,and further explores its micro impact,providing a decision-making basis for the authorities to guide the real economy through macro regulation to"move back to reality".

关 键 词：商业银行监管 企业金融化 金融资产收益 信息披露质量 

分 类 号：F832.1[经济管理—金融学] F832.51