实体企业金融化与企业经营绩效

Financialization and Performance of Entity Enterprises

近年来,在我国经济新常态的背景下,实体经济增速减缓,越来越多的企业为了增长和转型涉足金融投资。基于此,本文聚焦于企业金融化对企业经营绩效的影响这个问题,使用中国A股非金融上市公司2010年至2020年的数据,验证了实体企业金融化总体对企业经营业绩的影响以“挤出”效应为主导,并在此基础上区分金融资产流动性差异对企业经营绩效的影响。本文还发现产权性质和行业特征对企业金融化与企业经营绩效关系的影响具有异质性。

In recent years,in the context of the new normal of China’s economy,the growth rate of the entity economy has slowed down,and more and more enterprises are involved in financial investment for growth and transformation.Based on this,this paper focuses on the impact of corporate financialization on corporate operating performance.Using the data of Chinese nonfinancial listed companies from 2010 to 2020,it verifies that the overall effect of corporate financialization on corporate operating performance is dominated by the“crowding out”effect.On this basis,it distinguishes that different financial asset liquidity has different effects on corporate operating performance.This paper also finds that the nature of property rights and industry characteristics have heterogeneity in the impact of corporate financialization on corporate performance.