非金融企业金融化如何影响企业主业发展  

How Does Financialization of Non‐Financial EnterprisesAffect the Main Business of Enterprises

作　　者：邢天才[1,2] 李雪 索碧晨 XING Tian-cai;LI Xue;SUO Bi-chen(School of Finance,Dongbei University of Finance and Economics,Dalian 116025,China;Qingdao Financial Research Institute,Dongbei University of Finance and Economics,Qingdao 266105,China;School of Pulic Administration,Dongbei University of Finance and Economics,Dalian 116025,China)

机构地区：[1]东北财经大学金融学院,辽宁大连116025 [2]东北财经大学青岛金融研究院,山东青岛266105 [3]东北财经大学公共管理学院,辽宁大连116025

出　　处：《财经问题研究》2023年第12期75-90,共16页Research On Financial and Economic Issues

基　　金：国家自然科学基金面上项目“上市金融机构系统性风险传导与演化机制实证与模拟研究”(71273042);辽宁省社会科学规划基金重大委托项目“发挥区域性股权市场功能,服务中小微企业发展”(L21ZD024);东北财经大学青岛金融研究院招标课题重点项目“关于持续改善青岛金融生态环境的对策研究”(QDY202201)。

摘　　要：在中国经济下行压力较大、金融投资收益相对较高的背景下,实体经济出现金融化趋势,甚至已经影响其主业发展,引起学术界高度关注。本文选取2010—2020年中国A股非金融上市公司为研究对象,采用非线性模型和门槛模型探究了非金融企业金融化对企业主业发展的影响及作用机制。结果表明:非金融企业金融化与企业主业发展之间呈倒U型关系。机制分析表明,非金融企业金融化可以通过资本支出影响企业主业发展,过度融资调节了非金融企业金融化对资本支出的影响。门槛模型分析表明,非金融企业金融化与企业主业发展之间存在债务担保能力的门槛效应。异质性分析表明,非金融企业金融化与企业主业发展之间的倒U型关系在国有非金融企业、小规模非金融企业和行业竞争程度高的非金融企业中更加显著。本文验证了非金融企业金融化有效提升企业主业发展的适度边界,为防范非金融企业过度金融化和实体经济“脱实向虚”提供了微观证据。This paper constructs an enterprise financialization index based on the proportion of financial assets held by an enterprise in its total assets,and measures the development of the main business with the operating profit after excluding the income from financial investment of an enterprise.Taking Chinas A⁃share listed companies from 2010 to 2020 as research samples,this paper explores the influence of the financialization of non⁃financial enterprises on the development of the enterprises main business It is found that moderate financialization behavior promotes the development of the main business,and there is a nonlinear inversed U⁃shaped relation between the two.Mechanism analysis shows that enterprise financialization affects the development of enterprise main business through capital expenditure,and excessive financing moderates the negative impact of enterprise financialization on capital expenditure.There is a threshold effect of debt guarantee ability on the influence of enterprise financialization on the development of main business,and it then verifies the moderate boundary of enterprise financialization behavior to effectively improve the main business from the perspective of debt guarantee ability.When the threshold value of enterprise debt is lower than 46.3%,enterprises have strong financing constraints.Enterprise financialization has an obvious“reservoir”effect on the development of enterprise main business,and has a positive impact on the development of enterprise main business.When the threshold value of enterprise debt is higher than 46.3%,the“reservoir”effect of enterprise financialization on the development of enterprise main business disappears,and the development of enterprise main business cannot be promoted.Sample regression results show that among state⁃owned enterprises(SOEs)and enterprises with high level of industrial competition,the“reservoir”effect of non⁃financial enterprisesfinancialization on the development of enterprisesmain business is larger,but the“crow

关 键 词：企业金融化 企业主业发展 资本支出 过度融资 债务担保能力 

分 类 号：F830.59[经济管理—金融学] F406