金融化对实体企业未来主业发展的影响:促进还是抑制

The Impact of Financialization on Future Development of Real Enterprises' Core Business: Promotion or Inhibition

本文基于当前实体经济虚拟化这一热点问题,研究了实体企业金融化对未来主业发展的影响。理论上,实体企业金融化对企业未来主业的发展具有"蓄水池"和"挤出"两种不同的效应,二者的相对大小决定了金融化对实体企业未来主业发展影响的净效应。本文以2008—2014年中国A股上市公司为研究样本,并基于公司资产负债表数据,构建了微观企业金融化指标,实证结果发现:总体上,金融化损害了实体企业的未来主业业绩,表明金融化的"挤出"效应大于"蓄水池"效应。考虑到外部环境的调节效应,本文发现金融化的损害效应随着货币政策变宽松而加剧,而良好的金融生态环境则有助于削弱金融化对企业未来主业业绩的负面影响。进一步的作用机制检验表明,金融资产并未扮演"蓄水池"角色来缓解企业未来投资不足,金融化反而降低了企业的创新以及实物资本投资,并且创新和实物资本投资水平的下降是金融化对实体企业未来主业业绩影响的部分中介因子。最后,本文还发现,相比于非国有企业,金融化对未来主业业绩的损害效应在国有企业中更大。本文的研究为金融化影响实体经济提供了微观层面的经验证据,并且对于政府引导资金"脱虚向实"有一定的参考价值。

Based on the hot topic of the virtualization of current real economy, this paper investigates the influence of financialization on future core performance for entity enterprises. Theoretically, there exists two kinds of effect on entity enterprises, one is ＂reservoir＂ effect, and the other one is ＂crowding out＂ effect, the net effect of financialization on core business for entity enterprises is determined by relative magnitude between ＂reservoir＂ effect and ＂crowding out＂ effect. We use data of listed companies between 2008 and 2014 in China, and use the company＇s balance sheet data to construct micro finaneialization indexes. We find that finaneialization of entity enterprise damages the future core performance, and reveals that the magnitude of ＂crowding out＂ effect is larger than the magnitude of ＂reservoir＂ effect. Furthermore, the effect of financialization is stronger during the period of loose monetary policy, and the financial ecological environment weaks the negative effect of finaneialization on the future core performance. The path test shows that financial asset does not play a role of ＂reservoir＂ to ease future under-investment, on the contrary, we find that financialization crowds out innovation output and physical investment. Meanwhile, the decrease of innovation output and physical investment is the intermediary factor that financialization exerts influence on the future core performance. Finally, we find that the negative effect of financialization is larger in SOEs, compared to Non-SOEs. This study provides empirical evidence for influence of financialization on the real economy at the micro level, and also provides some reference for guiding funds to real economy.