实体金融化的经济效应研究:区分金融化程度  

Research on the Economic Effect of Financialization in Real Economy:Differentiating Degrees of Financialization

作　　者：李济江[1] 徐朝辉 张建军[1] LI Jijiang;XU Zhaohui;ZHANG Jianjun(Hubei University of Science and Technology,Xianning,Hubei 437000,China)

机构地区：[1]湖北科技学院,湖北咸宁437100

出　　处：《对外经贸实务》2024年第7期111-119,共9页Practice in Foreign Economic Relations and Trade

基　　金：国家社科基金一般项目“财政政策治理实体企业过度金融化的效果及优化研究”(20BGL070)。

摘　　要：当前我国实体企业“脱实向虚”的趋势没有逆转,理论界多将金融化视为同质性,忽略了实体企业非过度金融化与过度金融化之间的差异。采用2007—2020年实体上市公司的经验数据,从经济后果视角,分析过度金融化的绩效效应、风险效应和创新效应,并探讨何种类型的实体企业更偏好过度金融化。研究结果发现,相比非过度金融化,实体企业过度金融化显著抑制主业发展和企业创新,过度金融化降低了短期破产风险却加大了未来的长期破产风险。相比内部控制质量好、处于成长期的实体企业,内部控制质量差、处于成熟期和衰退期的实体企业更倾向于进行过度金融化;过度金融化的特征在不同产权性质、创新依赖性上没有实质性的差异。研究有助于厘清实体企业过度金融化带来的危害,为政府出台分类监管政策提供经验证据。The current trend of real enterprises in China shifting from real economy to virtual economy has not been reversed.Theoretical research often treats financialization as homogeneous,ignoring the differences between non-excessive financialization and excessive financialization of entity enterprises.Utilizing empirical data from listed entity enterprises from 2007 to 2020,this paper analyzes the performance effects,risk effects and innovation effects of excessive financialization from the perspective of economic consequences,and explores which types of real enterprises are more inclined towards excessive financialization.The findings indicate that compared to nonexcessive financialization,excessive financialization significantly inhibits the development of core businesses and enterprise innovation.Excessive financialization reduces the short-term bankruptcy risk,but it increases the longterm bankruptcy risk.Compared with the entity enterprises with good internal control quality and those in the growth period,the entity enterprises with poor internal control quality and in the maturity and decline stages are more inclined to excessive financialization.There is no substantial difference in the nature of property rights and innovation dependence.The research helps clarify the harms caused by excessive financialization in real enterprises and provides empirical evidence for the government to formulate targeted regulatory policies.

关 键 词：创新能力 主业业绩 破产风险 实体金融化 

分 类 号：F270[经济管理—企业管理]