人口老龄化会加剧企业“脱实向虚”吗?——基于地级市层面的数据  

Does Population Aging Intensify the Corporate Financialization?——Based on Data of the Prefecture-level City

作　　者：王胜[1] 柳兰欣 WANG Sheng;LIU Lan-xin

机构地区：[1]武汉大学经济与管理学院,武汉430072

出　　处：《现代金融研究》2024年第11期3-13,共11页Journal of modern finance

摘　　要：本文聚焦于企业的资产结构,以2010-2020年沪深A股上市企业为研究样本,验证了地区人口老龄化会加剧企业的“脱实向虚”行为。通过机制检验发现,地区人口老龄化会通过“资金供给”渠道、“经营风险”渠道以及“资源配置”渠道对企业的预期和外部经营环境造成冲击,进而影响企业在资产结构上的选择。本文研究有助于从企业微观决策视角理解人口老龄化可能带来的经济冲击,为应对人口老龄化提供有益参考。Focusing on the structure of corporate asset,this paper takes China's A-share listed companies from 2010 to 2020 as the research sample and verifies that regional population aging will intensify the corporate financialization.The mechanism tests find that regional population aging impacts corporate expectations and the external environment through the channels of“capital supply”“business risk”and“resource allocation”,thus influences corporate choices on asset structure.This study helps to understand the economic shocks that population aging may bring from the perspective of corporate micro-decision-making,and provides useful references for coping with the population aging.

关 键 词：人口老龄化 负担效应 企业资产结构 脱实向虚 

分 类 号：F275[经济管理—企业管理] F832.51[经济管理—国民经济] C924.24[社会学—人口学]