金融化对企业长期绩效的影响研究——基于中国制造业上市公司的经验证据  

On Impact of Financialization on the Long Term Performance of Enterprises:Based on Empirical Evidences of Listed Companies in China's Manufacturing Industry

作　　者：刘建江[1] 王莹 熊智桥 LIU Jianjiang;WANG Ying;XIONG Zhiqiao(School of Economics and Management,Changsha University of Science and Technology,Changsha 410076,China)

机构地区：[1]长沙理工大学经济与管理学院,湖南长沙410076

出　　处：《湖南科技大学学报（社会科学版）》2024年第5期76-84,共9页Journal of Hunan University of Science and Technology(Social Science Edition)

基　　金：国家社会科学基金青年项目(21CJY041);湖南省社会科学基金重大项目(21ZDAJ006)。

摘　　要：在当前着力逆转“脱实入虚”趋势的大背景下,探讨金融化对企业长期绩效的影响具有重要意义。基于2008—2019年中国制造业上市公司数据,实证检验制造业金融化对企业长期绩效的影响及作用机制。研究结论表明:制造业企业趋向金融化会降低其长期绩效,且会因企业生命周期和内部控制的不同而呈现出差异性。机制检验表明,融资约束加剧效应和主营业务收缩效应是制造业企业金融化导致其长期绩效下降的两条路径。这一研究结论有助于厘清制造业企业金融化影响其长期绩效的内在逻辑,为保证企业适度金融化与进一步推动制造业企业高质量发展提供经验证据。Under the background of reversing the trend of“breaking away from entity and entering virtual”,it is of new significance to explore the impact of manufacturing financialization on long-term performance at this stage.Based on the data of listed manufacturing companies in China from 2008 to 2019,this paper empirically tests the impact of financialization of manufacturing enterprises on long-term performance and its mechanism.Results show that the trend of financialization of manufacturing enterprises will reduce their long-term performance,and will show differences due to the different life cycle and internal control of enterprises.Mechanism test shows that the intensification effect of financing constraints and the contraction effect of main business are two paths for the financialization of manufacturing enterprises to lead to the decline of their long-term performance.This study helps to clarify the internal logic that the financialization of manufacturing enterprises affects their long-term performance,and provides empirical evidence for ensuring the reasonable development of moderate financialization of enterprises and further promoting the high-quality development of manufacturing enterprises.

关 键 词：金融化 制造业 长期绩效 

分 类 号：F275[经济管理—企业管理]