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近年来“脱实向虚”成为我国实体企业面临的重大挑战，企业金融化问题抑制了实体企业对实业资产的投资，融资约束困境作为中介变量，进一步加剧了企业金融化对实业投资的负向影响。研究以2011-2021年我国A股上市企业相关财务报表数据，构建固定效应模型探讨企业金融化对实业投资的影响，分析融资约束作为中介变量在两者间起到的作用，并构建门槛模型，进而探讨企业成长性起到的非线性作用。研究结果表明：（1）企业金融化对实业投资具有挤出效应；（2）企业金融化通过增强融资约束进一步加强了对实业投资的负面影响；（3）对成长性较好的企业，企业金融化在一定区间内促进了实业投资。基于此，研究提出针对性建议：一是优化金融结构体系；二是健全金融监管体制；三是加强政府有效引导；四是完善公司治理结构。
Abstract：In recent years, “diverting out of the real economy” has become a major challenge faced by physical enterprises. The enterprise financialization has suppressed the investment of physical enterprises in industrial assets,and financing constraint, as a mediator, has further exacerbated the negative impact of enterprise financialization on industrial investment. The research employs the data of China's A share listed companies from 2011 to 2021 and builds a fixed effect model to discuss the impact of enterprise financialization on industrial investment, and analyzes the role of financing constraint as a mediator between the two, and then discusses the nonlinear role of enterprise growth by constructing a threshold model. The research results show that:(1) The enterprise financialization has a crowding-out effect on industrial investment.(2) The enterprise financialization further intensifies the negative impact on industrial investment by strengthening financing constraints.(3) For enterprises with good growth, enterprise financialization promotes industrial investment in a certain range. Based on this, the research puts forward targeted suggestions: first,optimizing the financial structure system; second, improving the financial supervision system; third, strengthening effective government guidance; fourth, perfecting the corporate governance structure.
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基本信息:
DOI：10.13298/j.cnki.ftat.2024.01.011
中图分类号:F832.51;F275
引用信息:
[1]徐云松,吕林遥.企业金融化对实业投资的影响研究——中介效应与门槛特征[J].金融理论与教学,2024,42(01):1-12.DOI:10.13298/j.cnki.ftat.2024.01.011.
基金信息:
中央高校基本科研业务费专项资金资助项目“中国企业金融化的机制与效应研究”（23YJ090001）
2024-02-25
2024-02-25