民间金融发展与企业金融化

The Development of Informal Financing and Corporate Financialization

本文从企业金融化视角分析了民间金融发展对企业投资决策造成的扭曲效果。研究发现,民间金融发展会促进企业金融化,尤其是民营企业。民间金融提供投资渠道,并以高回报吸引企业参与金融活动,这种机制的负面影响已超过其改善信息环境发挥的正面效应。进一步研究发现,雇佣非金融背景CEO、提高分析师关注、降低行业竞争压力以及维持经济高速增长等措施能减轻民间金融的不利影响。在当前背景下,民间金融发展会加剧资金空转,导致经济"脱实向虚"。因此,应加强对企业出资参与民间金融活动的监管,重视由此形成的风险在金融系统和实体经济间的蔓延机制。

The relationship between development of informal finance and economic growth requires more micro-level evidence.This article analyzes the distorting effects of the development of informal finance on corporate investment decision-making from the perspective of enterprise financialization.The study found that the development of informal finance would increase the degree of financialization of enterprises,especially private enterprises.Informal finance provides investment channels and attracts enterprises to participate in financial activities with high returns.The negative impact of this mechanism has exceeded the positive value it can play through improving the information environment.Further research has also found that hiring non-financial CEOs,increasing analyst attention,reducing industry competition pressure,and maintaining rapid economic growth can alleviate the potential adverse effects of informal finance.In the current context,the development of informal finance will exacerbate capital idling and have a negative impact on economic growth.Therefore,it is necessary to strengthen the supervision over the participation of enterprises in inform financial activities,and to pay attention to the contagion of the risks between the financial system and the real economy.