金融利润膨胀阻碍了经济增长吗——基于金融业与实体经济的利润分享视角  

Does A Highly Profitable Financial Sector Hinder Economic Growth?From the Perspective of Profit-sharing between the Financial Sector and the Real Economy

作　　者：何美玲 张硕楠 莫建明[3] He Meiling;Zhang Shuonan;Mo Jianming

机构地区：[1]南京邮电大学经济学院 [2]浙江财经大学金融学院 [3]西南财经大学中国金融研究院

出　　处：《金融经济学研究》2023年第6期143-158,共16页Financial Economics Research

基　　金：教育部人文社科研究规划项目(21YJC790042);高校哲学社会科学研究一般项目(2021SJA0096)。

摘　　要：在分析金融分享实体利润“质”的合理性基础上,以2007—2019年城市层面数据为样本,探讨金融分享实体利润“量”的合理值并实证检验金融利润对经济增长的非对称影响。研究结果表明,在金融分享实体利润的合理区间内,金融利润适度提高有助于经济增长,但金融分享实体利润超过合理值后,继续膨胀则会阻碍经济增长。不同区制内,金融利润非对称地调整民营和国有经济增长速度是其非线性影响经济增长的机制之一。具体而言,金融利润适度上升时,民营经济融资水平的边际改善效应较强,将带动经济更快增长;若金融利润过度膨胀,则会对民营经济产生较强抑制,从而制约经济增长。这一机制在微观层面得到更充分诠释:金融适度逐利,民企融资难得到缓解,净资产收益率显著上升;金融利润过度膨胀后,民企融资环境恶化,并受高额金融利润吸引持有更多金融资产,出现实业投资挤出、主营业务萎缩以及利润率下降等问题。进一步分析发现,当国有企业利用融资优势充当“信用中介”并参与金融利润分割情况下,民营经济的实业投资和经营绩效未受到显著影响。This study was grounded in a qualitative examination of the equitable distribution of profits between the financial and real sectors.Utilizing city-level data from 2007 to 2019,it quantitatively delineated an optimal range for such profit-sharing.Then,it empirically investiga⁃ted the asymmetric repercussions of inflated financial profits on economic growth.The findings re⁃veal that incremental gains in financial profits positively correlate with economic expansion within a reasonable range of profit-sharing.However,financial profits that exceed this optimal threshold exert a detrimental effect on economic development.A key mechanism underlying this nonlinear relationship involves the asymmetric adjustment in growth rates between privately owned and state-owned enterprises across varying profit intervals.Specifically,moderate ascents in financial profitability markedly enhance the marginal financing conditions for private enterprises,thereby fueling quicker economic growth.In contrast,inflated financial profits impose acute financial con⁃straints on private firms,thus stifling economic expansion.These dynamics are further elucidated at the micro level:moderate pursuit of financial profits alleviates the financing challenges faced by private enterprises and significantly elevates their return on net assets.Exorbitant financial profits,however,deteriorate the financing landscape for these firms and,enticed by high financial returns,prompt them to allocate more resources to financial assets.This leads to the crowding out of investments in the real economy,a contraction of core business activities,and a decline in over⁃all profitability.Subsequent analysis indicates that when state-owned enterprises leverage their financing advantages to serve as“credit intermediaries”in the profit-sharing process,the real-sector investment and operational performance of private enterprises remain largely unaffected.

关 键 词：金融利润膨胀 金融与实体利润分享 经济增长 非对称调整 

分 类 号：F832.1[经济管理—金融学]