企业金融化对投资效率的影响研究  

Research on the influence of enterprise financialization on investment efficiency

作　　者：储焕 CHU Huan(School of Business,Anhui University,Hefei 230601,China)

机构地区：[1]安徽大学商学院,安徽合肥230601

出　　处：《湖南文理学院学报(自然科学版)》2025年第2期17-26,共10页Journal of Hunan University of Arts and Science(Science and Technology)

基　　金：国家自然科学基金青年项目(72102002)。

摘　　要：企业投资效率的提高对实现经济高质量发展尤为关键,而企业金融化对投资效率具有重要影响。选取2010—2022年中国A股上市公司数据,基于CSMAR数据库构建面板模型,探讨企业金融化对投资效率的影响。研究表明:(1)企业金融化会提升投资效率;(2)融资约束和数字化转型在企业金融化与投资效率中发挥机制作用;(3)对于国有企业和小规模企业来说,金融化对非国有企业和大规模企业投资效率的正向影响更加明显;(4)相对于西部地区和中部地区,东部地区的企业金融化会更显著地提升投资效率。基于此,应完善资本市场监管制度,推动金融服务实业投资;约束过度募集资金行为,鼓励数字化转型升级;对症下药,实行差异化政策帮扶;因地制宜,协调化推进共同发展。This paper selects the data of China’s A-share listed companies from 2010 to 2022,builds a panel model based on the CSMAR database,and explores the impact of corporate financialization on investment efficiency.The results indicate that:(1)Corporate financialization will improve investment efficiency;(2)Financing constraints and digital transformation play a role in the financialization and investment efficiency of enterprises;(3)The positive impact of financialization on the investment efficiency of non-state-owned and large-scale firms is more pronounced compared to state-owned and small-scale firms;(4)Compared with the western and central regions,the financialization of enterprises in the eastern region will significantly improve the investment efficiency.Based on this,it is necessary to improve the capital market regulatory system and promote investment in financial services;to restrain excessive fund-raising behavior and encourage digital transformation and upgrading;to implement targeted and differentiated policy assistance;and to adopt region-specific measures to coordinate and promote the development of industry.

关 键 词：企业金融化 投资效率 融资约束 数字化转型 

分 类 号：F406.7[经济管理—产业经济]