金融资源配置效率与经济金融化的成因——基于中国上市公司的经验分析

The allocation efficiency of financial resources and the cause of economic financialization-- Empirical study based on Chinese listed companies

本文结合当前中国出现的经济金融化趋势,使用2005年至2011年制造业上市公司的数据,从企业资金来源和使用的角度实证检验了金融发展对金融资源配置的影响。结果显示,与全行业相比,上市带来的金融资源供给缩小了国有和民营上市公司获得金融支持方面的差异,但金融资源错配问题并未得到根本改善,表现为:资金配置的利润导向不明确;国有上市公司预算软约束依然存在;实业金融化主要源于金融资源供给的增加而非企业经营利润的增长。这种经济金融化并不能改善金融资源配置效率,还可能影响实体经济的金融环境。未来应打破银行作为间接金融媒介的垄断地位,加快资本市场制度改革,给民营企业更大发展空间。

Considering the trends of economic financialization in China, this paper examines the influence of financial development on the allocation of financial resources from the aspects of sources and uses of capital by using the data of manufacturing listed companies from 2005 to 2011. The results show that, although public offerings reduce the gap between state- owned and non -state- owned enterprises in their abilities to obtain financial support, the allocation efficiency had not been improved fundamentally. For example, profits cannot be a guide index in capital allocating; soft constraints of budget still exists in state - owned corporations; and the industrial financialization has been caused by the increasing supply of financial resources rather than the increasing supply of operating profits. The revelation is that the monopoly position of banks must be changed, and the capital market reforms must be pushed on to promote the private enterprises＇ development.