摘要
作为宏观经济调控治理的重要问题之一,实体经济过度金融化对经济发展产生的负面影响备受各界关注。本文以2007—2018年非金融上市公司为样本,考察了我国各省社会资本水平差异对企业金融化行为影响及其内在机理。研究发现:地区社会资本越高,非金融企业金融化程度越低;机制检验发现:社会资本通过拓宽非正式融资渠道、缓解代理成本发挥抑制效用;进一步研究表明:当企业不存在政治关联、所处地区法律保护水平较低时,社会资本对非金融企业金融化行为的抑制效应更显著。以上结论弥补了已有企业金融化行为影响因素研究之不足,亦对政府开展精神文明建设、推动社会组织规范化发展、搭建公开透明信息共享平台引导企业回归实体具有重要借鉴意义。
As one of the important issues of macroeconomic regulation and control,the excessive financialization of the real economy has a negative impact on economic development,which has attracted attention from all walks of life.Taking the non-financial listed companies from 2007 to 2018 as samples,this paper investigates the influence of the differences in the level of social capital among provinces on the financial behavior of enterprises and its internal mechanism.The results show that the higher the regional social capital is,the lower the degree of non-financial enterprises’financialization is;the mechanism test shows that social capital plays an inhibitory role by broadening informal financing channels and alleviating agency costs;further research shows that the inhibitory effect of social capital on non-financial enterprises’financialization is more significant when there is no political connection and the legal protection level of the region is low.The above conclusions make up for the lack of the existing research on the influencing factors of enterprise financialization behavior,and also have important reference significance for the government to carry out the construction of spiritual civilization,promote the standardized development of social organizations,build an open and transparent information sharing platform,and guide enterprises to return to the entity.
作者
杨兴全
张方越
杨征
YANG Xing-quan;ZHANG Fang-yue;YANG Zheng(School of Economics and Management,Shihezi University,Shihezi,Xinjiang 832003,China)
出处
《现代财经（天津财经大学学报）》
CSSCI
北大核心
2021年第4期3-17,共15页
Modern Finance and Economics：Journal of Tianjin University of Finance and Economics
基金
国家自然科学基金项目(71762024)
国家自然科学基金项目(72062027)。
关键词
社会资本
企业金融化
政治关联
法律保护
social capital
enterprise financialization
political connection
legal protection
