金融化能够提升制造业企业盈利能力吗——来自中国A股市场的证据  

Can Financialization of Manufacturing Improve Firms' Profitability: Evidence from China's A-share Market

作　　者：刘剑[1] 刘媛媛 王莹 Liu Jian;Liu Yuanyuan;Wang Ying(School of Economics&Management,Changsha University of Science&Technology,Changsha,Hunan 410114,China)

机构地区：[1]长沙理工大学经济与管理学院,湖南长沙410114

出　　处：《长沙理工大学学报（社会科学版）》2024年第3期87-97,共11页Journal of Changsha University of Science and Technology：Social Science

基　　金：湖南省金融工程与金融管理研究中心重点项目(18FEFMZ2)。

摘　　要：以2012-2022年沪深A股制造业上市公司的财务数据为样本,实证检验制造业企业金融化对企业盈利能力的影响。研究表明:制造业企业金融化对制造业企业利润率有显著抑制作用;机制检验发现货币政策在二者关系中起调节作用,金融化通过挤出实体投资和加剧融资约束来抑制制造业企业利润率增长;大型企业、非国有企业以及持有长期金融资产的企业金融化对制造业企业利润率的抑制作用更显著。因此,应加强对制造业企业金融投资监管力度,强化供给侧结构性改革,将经济发展着力点放在实体企业上,以提升企业盈利能力为目的,促进制造业企业金融活动和生产经营的良性循环。This paper takes the financial data from A⁃share manufacturing companies listed in Shanghai and Shenzhen from 2012 to 2022 as the research sample,and applies the two⁃way fixed effect model to empirically test the impact of financialization of manufacturing companies on their profitability.The results show that the financialization has a significant inhibitory effect on their profit rate;that the mechanism test reveals that monetary policy plays a regulating role between the two,and financialization inhibits the growth of profit rate by crowding out real investment and intensifying financing constraints;and that the financialization of large enterprises,non⁃state⁃owned enterprises,and enterprises with long⁃term financial assets has a more significant dampening effect on profitability.Therefore,the regulatory authorities should strengthen their supervision on financial investment of manufacturing enterprises,intensify the supply⁃side structural reform,and put the focus of economic development on the entity enterprises,so as to enhance their profitability to promote manufacturing enterprises’virtuous circle of financial activities and production and operation.

关 键 词：金融化 制造业企业 盈利能力 供给侧结构性改革 产融结合 

分 类 号：F830[经济管理—金融学]