摘要
近年来,实体企业有着逐渐向金融化发展的趋势,这种趋势进一步诱发了中国"脱实向虚""产业空心化"的经济现象,文章选取2009年至2017年间在沪深A股上市的公司为样本,对中国企业金融化的现状进行分析。分析发现,实体企业金融化会对企业价值产生显著的负面影响,且实体企业融资约束越弱,融资能力越强,越倾向于将资金配置在收益率高,周期短,风险较大的金融资产中,从而对生产性资产投资产生"挤出效应",降低企业价值。因此,建议政府层面降低行业壁垒、提高实体企业利润率、改善融资环境,企业层面合理配置资产、完善公司治理机制等措施应对实体企业金融化所带来的负面影响。
In recent years,entity enterprises have gradually begun to develop towards financialization.This behavior has induced the economic phenomenon of"deconsolidation to degeneration"and"industrial hollowing out"in China.This article selects the companies listed on the Shanghai and Shenzhen A-shares from 2009 to 2017 as a sample to analyze the current situation of China’s macro economy and corporate financialization.The results show that the financialization of physical enterprises will have a significant negative impact on corporate value.The results show that the weaker the financing constraints and the stronger the financing capacity of an entity,the more inclined it is to allocate funds to financial assets with high returns,short cycles and high risks,thereby investing in productive assets.Generate a"crowding effect"and reduce corporate value.Therefore,it is suggested that the government should reduce industry barriers,improve the profit margin of real enterprises,improve the financing environment,reasonably allocate assets at the enterprise level,and improve the corporate governance mechanism to deal with the negative impact of entity enterprise financialization.
作者
魏晓琴
李光
卢姗
WEI Xiaoqin;LI Guang;LU Shan(School of Economics,Ocean Uniwersity of China,Qingdao Shandong Province266100,China)
出处
《中国发展》
2021年第5期29-37,共9页
China Development
关键词
金融化
实体企业
融资约束
企业价值
脱实向虚
Financialization
Entity Enterprises
Financing Constraints
Corporate Value
"Deconsolidation to Degeneration"
