过度负债会加剧实体企业金融化吗?

Does Excessive Debt Intensify the Financialization of Industrial Enterprises?

近年来,中国企业在负债率较高的同时存在"脱实向虚"问题,那么企业过度负债是否加剧了"脱实向虚"呢?以2007—2018年中国A股上市公司为样本,探讨企业过度负债与金融化之间的关系。实证研究结果表明,过度负债程度越高的企业金融投资越多。进一步分析发现,企业主业发展状况和公司治理状况会影响过度负债与金融投资之间的关系:主营业务盈利能力较低、波动较大、管理费用率较高和两权分离度较高的企业,过度负债对金融投资的加剧作用更为明显。这一研究对理解去杠杆政策的经济后果和引导实体经济"脱虚向实"具有一定的启示意义。

In recent years,Chinese enterprises have the problems of high leverage and"removing from substantial economy to fictitious economy".Does excessive debt exacerbate the problem?By taking A-share listed companies in China from 2007 to 2018 as samples,this paper investigates the relationship between excessive debt and corporate financialization.Empirical results show that excessive debt has a significant positive impact on corporate financial investment.Further analysis finds that the relationship between excessive debt and corporate financial investment is affected by the main business profitability of enterprises and corporate governance.In companies with low main business profitability,high volatility,high charge ratio and high degree of the separation of ownership and management,the intensifying effect of excessive debt on financial investment is more significant.The research has certain significance in understanding the economic results of de-leverage policy and guiding real economy"removes from substantial economy to fictitious economy".