“新瓶装旧酒”还是“旧貌换新颜”:地方金融监管与企业金融化  

“New Wine in Old Bottles”or“a Genuine Transformation”:Local Financial Regulation and Corporate Financialization

作　　者：李明蕊 陈昱燃 何尧 宋全云 Zhang Yifan;Lu Minfeng

机构地区：[1]暨南大学经济学院,广东广州510632 [2]西南财经大学金融学院,四川成都611130

出　　处：《证券市场导报》2025年第1期38-52,共15页Securities Market Herald

基　　金：西南财经大学研究生代表性成果培育项目“数字发展背景下家庭金融脆弱性研究:发展现状、影响机理及经济后果分析”(项目编号:JGS2024075)。

摘　　要：强化地方监管职能是深化金融体制改革、提升金融服务实体经济质效的重要举措。本文以2018年省级地方金融监管局的设立为准自然实验,采用2015—2021年A股上市公司年度数据,考察地方金融监管的去金融化效应。研究发现:(1)地方金融监管局的设立可以有效抑制企业金融投机活动。(2)异质性分析发现,去金融化的作用主要体现在金融分权水平较高、监管竞次意愿较低、法治水平较高的地区以及具有金融背景的高管占比较高、非公有制属性的企业。(3)机制分析表明,对内强化监管治理体系以“堵塞”企业金融投机渠道、对外巩固发展职能以“疏通”滴灌实体经济渠道是这一抑制作用的两条路径。此外,本文验证了地方金融监管有助于抑制企业的“实体中介”动机,进而降低企业金融资产持有水平。本文为“条块关系”下地方金融监管相关研究提供了新的视角,也为全面提升金融风险防控能力、促进金融高质量发展、建设金融强国提供了学理支持与决策参考。Strengthening local regulatory functions is an important measure to deepen the financial system reform and improve the quality and efficiency of financial services for the real economy.This paper takes the establishment of provincial-level local financial regulatory bureaus as a quasi-natural experiment and uses annual data of A-share listed companies from 2015 to 2021 to examine the de-financialization effect of local financial regulation.The study finds that(1)the establishment of local financial regulatory bureaus can effectively inhibit corporate financial speculation activities.(2)The heterogeneity analysis finds that the de-financialization effect is mainly reflected in areas with higher levels of financial decentralization,lower willingness for regulatory competition,and higher levels of legal development,as well as in enterprises with a higher proportion of executives with financial background and non-state-owned enterprises.(3)The mechanism analysis shows that strengthening the regulatory governance system internally to“block”corporate financial speculation channels and consolidating development functions externally to“unclog”the drip irrigation channel for the real economy are two pathways for this suppressive effect.In addition,this paper verifies that local financial regulation helps to suppress enterprises’motives for acting as“entity intermediaries,”thereby reducing the level of enterprises’financial asset holdings.This paper provides a new perspective for the research on local financial regulation under the“block relationship”and provides theoretical support and decision-making reference for comprehensively improving the ability of financial risk prevention,promoting the high-quality development of finance,and building a financially robust country.

关 键 词：金融监管 金融稳定 实体企业 民间金融 

分 类 号：F830.91[经济管理—金融学]