“国家队”持股与实体企业高质量发展——基于金融化视角的经验证据  

Shareholding by"National Team"and the High-quality Development of Real Enterprises:Empirical Evidence Based on the Financialization Perspective

作　　者：乔贵涛[1] 杜英巧 Qiao Guitao;Du Yingqiao(Business School,Shandong University of Technology,Zibo 255012,Shandong,China)

机构地区：[1]山东理工大学管理学院,山东淄博255012

出　　处：《金融发展研究》2023年第7期23-32,共10页Journal Of Financial Development Research

基　　金：国家社科基金一般项目“股票发行注册制改革对独立审计行为的影响及审计行业监管研究”(20BJY031)。

摘　　要：以2015—2021年沪深A股非金融类上市公司为样本,基于金融化视角考察“国家队”持股对实体企业高质量发展的影响及作用机制。研究发现:“国家队”持股能够有效抑制企业金融化。机制检验表明,缓解融资约束和改善信息环境是“国家队”持股抑制企业金融化的重要路径。进一步分析发现,对于投机动机下的金融资产持有以及“国家队”持股比例较高时,其抑制作用越强;在抑制金融化趋势后,企业的研发投入显著提高。研究结论既丰富了“国家队”持股经济后果领域的研究,亦为实体企业“脱虚向实”和实现高质量发展提供了政策启示。Taking A-share non-financial listed companies in Shanghai and Shenzhen from 2015 to 2021 as sam-ples,this paper examines the impact and mechanism of"national team"shareholding on the high-quality development of real enterprises based on the perspective of financialization.The study found that"national team"shareholding can ef-fectively curb the financialization of enterprises.Mechanism tests suggest that easing financing constraints and improv-ing the information environment are important paths through which"national team"shareholdings can inhibit the finan-cialization of firms.Further analysis reveals that the inhibitory effect is stronger for financial asset holdings with specu-lative motives and higher shareholdings of the"national team",and that firms R&D investment is significantly higher after inhibiting the trend of financialization.The findings of the study not only enrich the research in the field of econom-ic consequences of"national team"shareholding,but also provide policy insights for real enterprises to"turn from emp-tiness to reality"and realize high-quality development.

关 键 词：“国家队” 高质量发展 企业金融化 融资约束 信息环境 

分 类 号：F832.5[经济管理—金融学]