金融化对实体企业持续经营能力的影响——基于商业信用的调节效应研究  

Impact of Financialization on the Sustainable Operation Ability of Real enterprises——A Study Based on the Moderating Effect of Commercial Credit

作　　者：马新瑞 Ma Xinrui(Faculty of Management and Economics,Kunming University of Science and Technology)

机构地区：[1]昆明理工大学管理与经济学院

出　　处：《经济界》2025年第1期50-60,共11页Economic Affairs

摘　　要：在经济金融化的大背景下,实体企业“脱实向虚”的问题已不容忽视。文章基于2007—2023年中国沪深两市A股上市公司的季度数据,研究金融化对实体企业持续经营能力的影响。研究发现:金融化对实体企业的持续经营产生显著的负向影响。考虑到商业信用的调节效应,本文发现商业信用的使用可以有效缓解金融化对实体企业持续经营能力的抑制作用。异质性分析结果显示,相比于劳动密集型行业企业,资本和技术密集型行业企业的金融化行为对其持续经营能力的负向影响更大;相比于高融资约束企业,低融资约束企业的金融化行为对其持续经营能力的负向影响更大。研究结论从微观视角为金融化的经济后果提供了经验证据,对于引导企业回归实体具有一定的参考价值。The issue of'shifting from real to virtual'is a significant concern for real enterprises within the context of economic financialization.This paper,based on quarterly data from A-share listed companies in the Shanghai and Shenzhen stock markets in China from 2007 to 2023,makes a unique contribution to the field by investigating the impact of financialization on the sustainable operation ability of real enterprises.The study's findings,which reveal a significant negative impact of financialization on the sustainable operation of real enterprises,are of paramount importance.Furthermore,the study shows that commercial credit effectively mitigates this effect.Heterogeneity analysis uncovers that the financialization behavior of capital-and technology-intensive industry enterprises has a more significant negative impact on their sustainable operation ability compared to labor-intensive industry enterprises.Similarly,the behavior of low financing-constraint enterprises has a more significant negative effect compared to high financing-constraint enterprises.This study provides vital empirical evidence for the economic consequences of financialization from a micro perspective and offers valuable guidance for enterprises to return to the real economy.

关 键 词：实体企业金融化 持续经营能力 商业信用 行业异质性 融资约束 

分 类 号：F832.51[经济管理—金融学] F275