金融衍生品监管与企业竞争力提升--基于“国九条”的准自然实验  

Regulation of Financial Derivatives and Improvement of Enterprises’Competitiveness--A Quasi-natural Experiment Based on the“Nine Policies of State Council”

作　　者：王少华[1] 王文琴 陈宋生[2] WANG Shao-hua;WANG Wen-qin;CHEN Song-sheng

机构地区：[1]山西财经大学会计学院,太原030006 [2]北京理工大学管理学院

出　　处：《现代金融研究》2025年第2期72-88,共17页Journal of modern finance

基　　金：国家自然科学基金青年项目“数字赋能、供应链金融与企业竞争力”(72202126);北京市自然科学基金青年项目“国资委金融衍生业务监管与企业风险:管控效果、协同机制及经济后果”(9224036)的资助。

摘　　要：本文以2014年国务院发布的《关于进一步促进资本市场健康发展的若干意见》为准自然实验,采用双重差分法检验其对企业竞争力的影响。结果表明,金融衍生品监管能够显著提升企业竞争力,对于外汇衍生品和商品衍生品的监管提升效果更佳。当企业衍生品复杂性较高时,金融衍生品监管对企业竞争力有更好的提升效果。机制检验发现,防范化解企业风险是金融衍生品监管提升企业竞争力的重要作用机制。进一步分析发现,内部治理、外部监督能与金融衍生品监管产生协同效应,促进企业竞争力的提高。This paper takes the“Some Opinions of the State Council on Further Promoting the Healthy Development of the Capital Market”in 2014 as a quasi natural experiment and uses the staggered differences-in-differences(DID)to evaluate its impact on the enterprises’competitiveness.The results show that the regulation of financial derivatives can significantly improve the competitiveness of enterprises,and the regulation of foreign exchange derivatives and commodity derivatives has a better effect on improving the competitiveness of enterprises.When the complexity of enterprises’derivatives is higher,the regulation of financial derivatives has a better effect on enterprises’competitiveness.The mechanism test finds that preventing and resolving enterprises’risks is an important mechanism for financial derivatives’regulation to enhance enterprises’competitiveness.Further analysis reveals that internal governance and external supervision have a synergistic effect with financial derivatives’regulation to promote enterprises’competitiveness.

关 键 词：金融衍生品监管 企业竞争力 企业风险 协同监督 

分 类 号：G18[文化科学] K42[历史地理—历史学]