摘要
以“一带一路”倡议的提出为契机,运用双重差分法考察“一带一路”倡议对我国非金融企业金融化的影响效应和作用机制。研究发现,“一带一路”倡议的实施显著抑制了受到倡议支持企业的金融化水平,在采用相关稳健性检验后,该结论仍然成立。已有相关研究中,忽略了企业所面临的外部环境差异问题,本文基于我国经济发展不均衡及企业融资约束的现状,进一步讨论了我国制度环境及银行业竞争的调节效应,研究发现制度环境及银行业竞争程度的加强会弱化该抑制效应。研究机制表明,“一带一路”倡议确实是通过减少企业融资约束、强化外部监督、提升企业发展空间等渠道抑制企业金融化的,且受到支持的企业主营业务收入水平及固定资产投资水平均有所提升。
Regarding the Belt and Road Initiative as thestarting point,this study employs the difference-in-difference model to study the impact and mechanism of the Belt and Road Initiative on financialization of non-financial enterprises in China.The result illustrates that the Belt and Road Initiativesignificantly inhibits the financialization level of enterprises supported by the initiative.This conclusion is still valid after adopting the relevant robustness test.Previous studies ignored the issue of external environmental differences faced by enterprises.Based on the uneven economic development and financing constraints of enterprises in China,this study further discusses the regulatory effects of institutional environment and banking competition,and finds that strengthening the institutional environment and banking competition can weaken the inhibitory effect of the initiative.The research mechanism shows that the Belt and Road Initiative has indeed restrained corporate financialization through channels such as alleviating financing constraints,strengthening external supervision,and enhancing corporate development space.Supported enterprises have also seen an increase in their main business revenue and fixed asset investment levels.
作者
王婷
杜勇
WANG Ting;DU Yong(School of Economics and Management,Southwest University,Chongqing 400715,China;The Belt and RoadResearch Institute,Southwest University,Chongqing 400715,China;Business School,Southwest University of Political Science&Law,Chongqing 401120,China)
出处
《西南大学学报（社会科学版）》
CSSCI
北大核心
2023年第3期129-141,共13页
Journal of Southwest University(Social Sciences Edition)
基金
国家自然科学基金面上项目“机构共同持股下的实体企业影子银行化同群效应:表征识别、驱动机理与经济后果”(72072146),项目负责人:杜勇
中央高校基本科研业务费专项资金项目“共同分析师、生产网络与企业数字化转型”(SWU2209217),项目负责人:杜勇。西南大学创新研究2035先导计划项目“乡村振兴与金融创新”(SWUPilotPlan026),项目负责人:温涛。
关键词
一带一路
金融资产配置
企业投资
准自然实验
The Belt and Road Initiative
corporate financialization
business investment
quasi-natural experiment
