金融如何支持实体经济:一个基于企业视角的文献综述

How Finance Can Better Serve the Real Economy:A Literature Review Based on the Perspective of Enterprise

围绕“金融支持实体经济”这一问题,本文首先在宏观层面上从积极影响和潜在消极影响两个方面梳理了金融支持实体经济基础理论的文献,并阐述我国金融支持实体经济效果的具体特征及其形成原因。其次,在微观层面上从企业这一实体经济微观主体的视角出发,聚焦于企业科技创新、投融资行为和公司治理这三个企业发展中的重要活动,并从金融基础性制度、金融市场、投资者、金融监管等角度对金融支持实体经济的效果及其机制进行综述。最后,本文从金融在促进共同富裕、提升产业链供应链现代化水平、助力经济绿色低碳高质量发展、应对不同类型的危机事件、化解地方政府债务等方面的作用进行研究展望。

Focusing on the issue of financial support for the real economy,this paper rev iews.the literature on the basic theories of financial support for the real economy at the macro level in terms of positive and potential negative impacts respectively,and elaborates on the specific characteristics of the real effect of financial support for the real economy in China and its causes.Furthermore,this paper focuses on three important activities in the development of enterprises,the micro subject of the real economy,such innovation,investment and financing behavior,and corporate governance,and provides an overview of the effects and mechanisms of financial support for the real economy from the perspectives of financial foundational systems,financial markets,investors,and financial regulation.Finally,this paper looks at the role of finance in promoting common wealth,upgrading the modernization of the industrial chain and supply chain,facilitating green,low-carbon and high-quality economic development,coping with different types of crisis events,and resolving local government debts,respectively.