“相向而行”还是“背道而驰”:实体企业金融化的特征事实与因应措施  

Moving Toward or Away From Each Other:The Current Concerns and Countermeasures of Real Enterprises Development with Financialization

作　　者：邱劼 陈开洋 QIU Jie;CHEN Kai-yang(BOCOM Wealth Management Co.,Ltd;Shanghai Gold Exchange)

机构地区：[1]交银理财有限责任公司,上海200120 [2]上海黄金交易所,上海200001

出　　处：《当代金融研究》2024年第7期82-102,共21页Journal of Contemporary Financial Research

摘　　要：近些年,我国实体企业金融化发展现象十分普遍,带来一定的风险挑战。基于2001-2022年上市公司及其参控金融机构样本,系统梳理我国实体企业金融化发展的内在机理、发展趋势与现实问题。研究发现,我国持股金融机构的实体上市公司数量增长较快,以资本密集型实体行业为主,被持股金融机构主要是银行与其他类金融机构,集团财务公司更受实体企业青睐。上述实体企业经营过程中存在融资成本相对较高、金融挤出实体投资和脱实向虚等问题。为此,一是明确金融服务实体经济的功能定位,坚持“实业为本、金融为用”的理念,通过金融产品与服务创新、加强金融科技应用等方式支持实体主业;二是建立健全实体企业内部风险管理与控制制度,全面落实监管部门对实体企业金融化发展的要求,坚决避免系统性金融风险;三是以改善协同效率为实体企业金融化的发展方向,提高产融企业整体运营效率,进一步多元化融资能力、降低融资成本,增强金融服务实体经济质效。In recent years,the financialization phenomenon of non-financial enterprises in China has become widespread,which resulting in risk and challenges.Based on the sample data of publicly traded companies and their partially controlled financial institutions from 2001 to 2022,systematically studies the internal mechanisms,current status and trends of participating financial institutions of industrial enterprises.The results show that,the number of financial institutions partially controlled by the publicly traded companies has increased rapidly,mainly in capital intensive industries.These financial institutions are mainly banks and other financial institutions.Specifically,the financial(accounting)companies of enterprise groups are more favored by industrial enterprises.There are practical problems in the operation process of industrial enterprises with financial institutions,such as relatively higher financial cost,the crowding-out effect on industrial investment,and the trend from real to virtual economy.Therefore,real enterprises should first clarify their functional positioning of financial services to the real economy with the concept of“industry oriented and finance instrumentalized”,and support real business through innovative financial services and application of financial technology;Secondly,it is essential to establish and improve internal risk management and control systems within real enterprises,fully implement regulatory requirements in the process of real enterprises financialization,and resolutely avoid systemic financial risks;Thirdly,the development direction of financialization of real enterprises is to improve integration efficiency,enhance the overall operational efficiency of production and financing,diversify financing capabilities,reduce financing costs,and finally improve the quality and efficiency of financial services for the real economy.

关 键 词：实体企业 金融化发展 金融机构 产融结合 

分 类 号：F832.5[经济管理—金融学]